UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3361
Fidelity Massachusetts Municipal Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 02210
(Address of principal executive offices) (Zip code)
Marc Bryant, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code:
617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | July 31, 2017 |
Item 1.
Reports to Stockholders
Fidelity® Massachusetts Municipal Income Fund Fidelity® Massachusetts Municipal Money Market Fund Semi-Annual Report July 31, 2017 |
|
Contents
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Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SECs web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Fidelity® Massachusetts Municipal Income Fund
Investment Summary (Unaudited)
Top Five Sectors as of July 31, 2017
% of fund's net assets | % of fund's net assets 6 months ago | |
Education | 22.2 | 21.3 |
Health Care | 19.8 | 20.0 |
Special Tax | 16.3 | 19.0 |
General Obligations | 15.4 | 12.3 |
Transportation | 12.9 | 12.4 |
Quality Diversification (% of fund's net assets)
As of July 31, 2017 | ||
AAA | 2.0% | |
AA,A | 83.6% | |
BBB | 11.1% | |
Not Rated | 2.0% | |
Short-Term Investments and Net Other Assets | 1.3% |
As of January 31, 2017 | ||
AAA | 2.6% | |
AA,A | 83.4% | |
BBB | 9.5% | |
Not Rated | 1.5% | |
Short-Term Investments and Net Other Assets | 3.0% |
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
Fidelity® Massachusetts Municipal Income Fund
Investments July 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 98.7% | |||
Principal Amount | Value | ||
Guam - 0.3% | |||
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008, 5.875% 10/1/18 (Escrowed to Maturity) | 1,005,000 | 1,033,914 | |
Guam Gov't. Ltd. Oblig. Rev. Series 2016 A: | |||
5% 12/1/29 | $2,000,000 | $2,269,420 | |
5% 12/1/30 | 1,750,000 | 1,972,233 | |
TOTAL GUAM | 5,275,567 | ||
Massachusetts - 98.4% | |||
Berkshire Wind Pwr. Coop. Corp. (Wind Proj.) Series 1, 5.25% 7/1/30 | 5,000,000 | 5,431,150 | |
Boston Gen. Oblig. Series 2012 A, 5% 4/1/22 | 2,050,000 | 2,405,122 | |
Boston Wtr. & Swr. Commission Rev.: | |||
Series 2012 A, 4% 11/1/25 | 2,950,000 | 3,279,604 | |
Series 2016 B: | |||
5% 11/1/34 | 1,000,000 | 1,184,930 | |
5% 11/1/35 | 1,500,000 | 1,772,535 | |
5% 11/1/36 | 1,700,000 | 2,003,399 | |
Sr. Series A, 5.25% 11/1/19 | 4,675,000 | 4,865,553 | |
Braintree Gen. Oblig.: | |||
5% 5/15/26 | 2,300,000 | 2,878,450 | |
5% 5/15/27 | 2,000,000 | 2,524,600 | |
5% 5/15/28 | 600,000 | 763,782 | |
Cambridge Gen. Oblig. Series 12: | |||
5% 1/1/23 | 865,000 | 1,004,992 | |
5% 1/1/24 | 340,000 | 394,866 | |
Framingham Gen. Oblig. Series 2012 A: | |||
4% 12/1/20 | 1,260,000 | 1,381,666 | |
4% 12/1/24 | 1,360,000 | 1,525,294 | |
Lynn Wtr. & Swr. Commission Gen. Rev. Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 440,000 | 441,065 | |
Marshfield Gen. Oblig.: | |||
5% 11/1/20 | 1,780,000 | 1,989,132 | |
5% 11/1/21 | 1,730,000 | 1,990,365 | |
Massachusetts Bay Trans. Auth.: | |||
Series 1991 A: | |||
7% 3/1/21 (Escrowed to Maturity) | 115,000 | 118,971 | |
7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,460,000 | 1,618,395 | |
7% 3/1/21 | 610,000 | 676,179 | |
Massachusetts Bay Trans. Auth. Assessment Rev. Series 2012 A, 5% 7/1/22 | 6,110,000 | 7,204,423 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
Series 2003 C, 5.25% 7/1/23 | 3,950,000 | 4,812,325 | |
Series 2004 C, 5.5% 7/1/22 | 5,285,000 | 6,348,818 | |
Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 5,263,320 | |
Series 2006 A: | |||
5.25% 7/1/29 | 3,005,000 | 3,876,781 | |
5.25% 7/1/32 | 6,745,000 | 8,671,574 | |
Series 2010 B: | |||
5% 7/1/26 | 1,000,000 | 1,109,600 | |
5% 7/1/28 | 1,000,000 | 1,108,690 | |
5% 7/1/30 | 1,000,000 | 1,106,870 | |
Series 2015 A: | |||
5% 7/1/40 | 14,570,000 | 16,886,193 | |
5% 7/1/45 | 14,125,000 | 16,261,971 | |
Massachusetts Clean Energy Coop. Corp. Series 2013: | |||
5% 7/1/25 | 2,795,000 | 3,296,088 | |
5% 7/1/30 | 3,725,000 | 4,304,573 | |
Massachusetts Clean Wtr. Trust: | |||
(Pool Prog.): | |||
Series 2004 A, 5.25% 2/1/24 | 1,170,000 | 1,442,165 | |
Series 6, 5.25% 8/1/19 | 30,000 | 30,099 | |
Series 8: | |||
5% 8/1/17 | 110,000 | 110,000 | |
5% 8/1/20 | 105,000 | 105,342 | |
Series 14, 5% 8/1/38 | 8,390,000 | 9,016,481 | |
Series 18: | |||
5% 2/1/28 | 3,500,000 | 4,190,690 | |
5% 2/1/29 | 6,355,000 | 7,566,136 | |
Series 2002 A, 5.25% 8/1/20 | 680,000 | 682,346 | |
Series 2012 B: | |||
5% 8/1/27 | 295,000 | 346,991 | |
5% 8/1/27 (Pre-Refunded to 8/1/22 @ 100) | 5,605,000 | 6,610,649 | |
5% 8/1/28 | 330,000 | 387,113 | |
5% 8/1/28 (Pre-Refunded to 8/1/22 @ 100) | 6,240,000 | 7,359,581 | |
Series 6, 5.5% 8/1/30 | 1,310,000 | 1,314,572 | |
5% 8/1/28 | 3,480,000 | 3,747,020 | |
Massachusetts Commonwealth Trans. Fund Rev.: | |||
(Accelerated Bridge Prog.) Series 2014 A, 5% 6/1/44 | 27,295,000 | 31,276,249 | |
(Rail Enhancement Prog.) Series 2015 A, 5% 6/1/45 | 17,750,000 | 20,490,778 | |
Series 2013 A, 5% 6/1/43 | 10,000,000 | 11,201,900 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B: | |||
5% 1/1/22 | 11,000,000 | 11,979,330 | |
5% 1/1/25 | 13,340,000 | 14,477,769 | |
5% 1/1/26 | 4,210,000 | 4,563,851 | |
5% 1/1/27 | 7,000,000 | 7,579,670 | |
5% 1/1/30 | 5,000,000 | 5,437,700 | |
5% 1/1/32 | 3,495,000 | 3,768,868 | |
5% 1/1/35 | 4,230,000 | 4,584,474 | |
Massachusetts Dev. Fin. Agcy. Hosp. Rev. Series 2013: | |||
5.25% 11/15/36 | 3,000,000 | 3,358,260 | |
5.25% 11/15/41 | 4,620,000 | 5,149,406 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
( Suffolk Univ. Proj.) Series 2017: | |||
5% 7/1/23 | 1,420,000 | 1,625,673 | |
5% 7/1/25 | 1,500,000 | 1,746,570 | |
(Boston College Proj.) Series T: | |||
5% 7/1/38 | 1,235,000 | 1,464,006 | |
5% 7/1/39 | 4,450,000 | 5,266,709 | |
5% 7/1/42 | 1,875,000 | 2,208,488 | |
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 (Pre-Refunded to 10/1/19 @ 100) | 3,100,000 | 3,409,969 | |
(Brandeis Univ. Proj.) Series N: | |||
5% 10/1/23 | 1,040,000 | 1,085,292 | |
5% 10/1/24 | 1,210,000 | 1,262,550 | |
(Carleton-Willard Village Proj.) Series 2010: | |||
4.75% 12/1/20 | 2,745,000 | 2,930,672 | |
5.25% 12/1/25 | 820,000 | 876,613 | |
5.625% 12/1/30 | 1,000,000 | 1,071,610 | |
(Deerfield Academy Proj.) 5% 10/1/40 | 10,500,000 | 11,626,860 | |
(Lesley Univ. Proj.) Series 2016: | |||
5% 7/1/29 | 1,640,000 | 1,922,752 | |
5% 7/1/32 | 1,905,000 | 2,189,683 | |
5% 7/1/33 | 2,020,000 | 2,308,335 | |
5% 7/1/36 | 2,000,000 | 2,258,940 | |
5% 7/1/39 | 5,800,000 | 6,517,576 | |
(Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41 | 7,000,000 | 7,677,250 | |
(Suffolk Univ. Proj.) Series 2017: | |||
5% 7/1/21 | 750,000 | 837,825 | |
5% 7/1/22 | 875,000 | 989,310 | |
5% 7/1/24 | 1,000,000 | 1,152,950 | |
5% 7/1/26 | 1,935,000 | 2,261,976 | |
5% 7/1/27 | 2,085,000 | 2,453,878 | |
5% 7/1/28 | 4,300,000 | 5,056,714 | |
(Suffolk Univ., Proj.) Series 2017: | |||
5% 7/1/29 | 3,250,000 | 3,782,318 | |
5% 7/1/30 | 3,500,000 | 4,044,110 | |
5% 7/1/31 | 3,750,000 | 4,320,900 | |
5% 7/1/32 | 1,000,000 | 1,143,030 | |
(Tufts Med. Ctr. Proj.) Series I, 6.25% 1/1/27 | 12,485,000 | 14,225,908 | |
(UMASS Boston Student Hsg. Proj.) Series 2016: | |||
5% 10/1/29 | 3,120,000 | 3,483,480 | |
5% 10/1/30 | 1,100,000 | 1,225,906 | |
5% 10/1/31 | 1,200,000 | 1,333,680 | |
5% 10/1/32 | 1,240,000 | 1,374,627 | |
5% 10/1/33 | 1,235,000 | 1,365,799 | |
(UMass Memorial Health Care Proj.) Series K: | |||
5% 7/1/28 | 1,260,000 | 1,461,890 | |
5% 7/1/29 | 1,320,000 | 1,519,835 | |
5% 7/1/30 | 1,390,000 | 1,589,465 | |
5% 7/1/38 | 3,750,000 | 4,178,513 | |
(Wentworth Institute of Technology Proj.) Series 2017: | |||
5% 10/1/34 | 1,425,000 | 1,578,273 | |
5% 10/1/35 | 1,495,000 | 1,649,658 | |
5% 10/1/46 | 4,250,000 | 4,644,698 | |
Series 2008 B: | |||
0% 1/1/40 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,058,200 | |
0% 1/1/41 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,960,200 | |
0% 1/1/42 (Assured Guaranty Corp. Insured) | 5,000,000 | 1,860,950 | |
Series 2008: | |||
5% 9/1/22 | 750,000 | 781,410 | |
5% 9/1/22 (Pre-Refunded to 9/1/18 @ 100) | 350,000 | 365,278 | |
5% 9/1/26 | 1,020,000 | 1,062,269 | |
5% 9/1/26 (Pre-Refunded to 9/1/18 @ 100) | 480,000 | 500,952 | |
5.75% 9/1/25 (Pre-Refunded to 9/1/18 @ 100) | 9,500,000 | 9,980,320 | |
Series 2010 B2, 5.25% 2/1/34 (Pre-Refunded to 2/1/21 @ 100) | 5,000,000 | 5,703,900 | |
Series 2011 B, 5% 7/1/41 | 6,520,000 | 7,286,100 | |
Series 2011 H: | |||
5.125% 7/1/26 | 5,595,000 | 6,176,209 | |
5.5% 7/1/31 | 7,750,000 | 8,486,793 | |
Series 2011: | |||
5% 10/1/20 | 1,215,000 | 1,356,572 | |
5% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) | 5,000,000 | 5,727,900 | |
5.25% 10/1/41 | 5,485,000 | 6,226,078 | |
Series 2012 G: | |||
5% 10/1/23 | 2,245,000 | 2,523,088 | |
5% 10/1/24 | 1,625,000 | 1,823,510 | |
5% 10/1/25 | 1,600,000 | 1,790,688 | |
5% 10/1/26 | 2,170,000 | 2,415,774 | |
5% 10/1/27 | 2,235,000 | 2,476,827 | |
5% 10/1/28 | 1,240,000 | 1,370,535 | |
Series 2012 J, 5% 7/1/42 | 7,000,000 | 7,963,480 | |
Series 2012 L, 5% 7/1/36 | 6,000,000 | 6,621,420 | |
Series 2013 A: | |||
6.25% 11/15/33 (a) | 2,245,000 | 2,516,421 | |
6.5% 11/15/43 (a) | 4,000,000 | 4,512,560 | |
Series 2013 F: | |||
4% 7/1/32 | 2,050,000 | 2,089,975 | |
4% 7/1/43 | 21,685,000 | 21,718,395 | |
5% 7/1/27 | 1,300,000 | 1,487,525 | |
5% 7/1/37 | 3,925,000 | 4,347,448 | |
Series 2013 G, 5% 7/1/44 | 17,105,000 | 18,107,695 | |
Series 2013 P, 5% 7/1/43 | 12,320,000 | 14,192,517 | |
Series 2013 X, 5% 10/1/48 | 14,920,000 | 16,792,162 | |
Series 2013, 5% 7/1/21 | 1,085,000 | 1,219,909 | |
Series 2014 A: | |||
5% 3/1/32 | 1,700,000 | 1,957,380 | |
5% 3/1/33 | 1,250,000 | 1,430,288 | |
5% 3/1/39 | 4,000,000 | 4,494,560 | |
5% 3/1/44 | 15,765,000 | 17,664,052 | |
Series 2014 F: | |||
5% 7/15/19 | 250,000 | 263,533 | |
5% 7/15/20 | 300,000 | 323,772 | |
5% 7/15/21 | 300,000 | 330,891 | |
5% 7/15/22 | 400,000 | 446,480 | |
5% 7/15/23 | 350,000 | 397,677 | |
5% 7/15/24 | 400,000 | 447,684 | |
5% 7/15/25 | 550,000 | 612,376 | |
5% 7/15/26 | 500,000 | 553,825 | |
5% 7/15/27 | 200,000 | 220,272 | |
5% 7/15/28 | 320,000 | 351,341 | |
5.625% 7/15/36 | 800,000 | 888,320 | |
5.75% 7/15/43 | 4,700,000 | 5,223,486 | |
Series 2014 M4, 5% 7/1/44 | 15,000,000 | 16,869,150 | |
Series 2014 P: | |||
5% 10/1/32 | 5,000,000 | 5,829,050 | |
5% 10/1/46 | 7,080,000 | 8,020,224 | |
Series 2015 D, 5% 7/1/44 | 10,975,000 | 11,898,217 | |
Series 2015 F, 5% 8/15/45 | 18,290,000 | 20,607,160 | |
Series 2015 H1: | |||
5% 7/1/26 | 3,585,000 | 4,281,422 | |
5% 7/1/29 | 3,750,000 | 4,369,313 | |
5% 7/1/30 | 1,800,000 | 2,083,374 | |
5% 7/1/31 | 1,190,000 | 1,370,035 | |
5% 7/1/32 | 1,000,000 | 1,145,200 | |
5% 7/1/33 | 1,000,000 | 1,139,890 | |
Series 2015 O2: | |||
5% 7/1/27 | 8,635,000 | 10,298,619 | |
5% 7/1/29 | 4,495,000 | 5,265,308 | |
Series 2015 Q: | |||
5% 8/15/28 | 1,000,000 | 1,201,060 | |
5% 8/15/29 | 1,000,000 | 1,192,960 | |
5% 8/15/32 | 1,500,000 | 1,771,380 | |
5% 8/15/33 | 1,500,000 | 1,764,225 | |
5% 8/15/34 | 1,790,000 | 2,098,220 | |
5% 8/15/38 | 1,690,000 | 1,976,996 | |
Series 2015: | |||
5% 1/1/25 | 3,525,000 | 4,068,731 | |
5% 1/1/27 | 2,695,000 | 3,078,741 | |
5% 1/1/28 | 1,850,000 | 2,119,305 | |
5% 1/1/29 | 2,945,000 | 3,375,088 | |
Series 2016 A: | |||
5% 1/1/47 | 5,000,000 | 5,512,450 | |
5.25% 1/1/42 | 7,000,000 | 7,873,040 | |
Series 2016 E: | |||
5% 7/1/31 | 1,000,000 | 1,122,090 | |
5% 7/1/32 | 2,200,000 | 2,456,036 | |
5% 7/1/33 | 1,500,000 | 1,667,280 | |
5% 7/1/34 | 1,500,000 | 1,661,235 | |
5% 7/1/35 | 1,500,000 | 1,657,620 | |
5% 7/1/36 | 1,000,000 | 1,102,680 | |
5% 7/1/37 | 2,000,000 | 2,202,160 | |
Series 2016 I: | |||
5% 7/1/27 | 1,150,000 | 1,347,283 | |
5% 7/1/30 | 1,400,000 | 1,624,616 | |
5% 7/1/31 | 1,350,000 | 1,558,575 | |
5% 7/1/32 | 1,610,000 | 1,849,246 | |
5% 7/1/34 | 3,000,000 | 3,438,270 | |
5% 7/1/36 | 2,000,000 | 2,278,800 | |
5% 7/1/37 | 1,470,000 | 1,671,258 | |
5% 7/1/38 | 1,000,000 | 1,134,420 | |
5% 7/1/41 | 9,055,000 | 10,130,915 | |
Series 2016 N, 5% 12/1/36 | 2,520,000 | 2,914,002 | |
Series 2016 Q, 5% 7/1/46 | 10,100,000 | 11,815,384 | |
Series 2016: | |||
4% 10/1/36 | 1,250,000 | 1,307,563 | |
5% 7/1/26 | 1,710,000 | 2,016,945 | |
5% 7/1/29 | 2,000,000 | 2,307,320 | |
5% 7/1/30 | 2,000,000 | 2,292,180 | |
5% 7/1/31 | 1,700,000 | 1,939,819 | |
5% 10/1/32 | 1,760,000 | 2,072,453 | |
5% 9/1/33 | 475,000 | 563,265 | |
5% 10/1/33 | 1,500,000 | 1,757,040 | |
5% 10/1/34 | 1,500,000 | 1,750,455 | |
5% 9/1/35 | 375,000 | 442,035 | |
5% 10/1/35 | 1,500,000 | 1,746,525 | |
5% 7/1/36 | 3,000,000 | 3,363,810 | |
5% 9/1/36 | 315,000 | 370,481 | |
5% 9/1/37 | 840,000 | 975,517 | |
5% 10/1/37 | 2,000,000 | 2,319,980 | |
5% 10/1/39 | 5,000,000 | 5,782,600 | |
5% 7/1/41 | 5,145,000 | 5,731,273 | |
5% 7/1/46 | 1,440,000 | 1,595,938 | |
5% 9/1/46 | 3,235,000 | 3,751,306 | |
5% 10/1/46 | 4,000,000 | 4,588,160 | |
5% 10/1/48 | 1,000,000 | 1,085,610 | |
5% 9/1/52 | 4,100,000 | 4,691,220 | |
Series 2017: | |||
5% 7/1/20 | 165,000 | 179,466 | |
5% 7/1/21 | 180,000 | 199,570 | |
5% 7/1/22 | 180,000 | 201,821 | |
5% 7/1/26 | 160,000 | 181,507 | |
5% 7/1/37 | 600,000 | 661,920 | |
5% 7/1/42 | 500,000 | 547,355 | |
5% 7/1/47 | 2,250,000 | 2,448,855 | |
Series BB1, 5% 10/1/46 | 355,000 | 408,115 | |
Series I, 6.875% 1/1/41 | 9,540,000 | 10,913,092 | |
Series L, 5% 7/1/41 | 4,900,000 | 5,382,405 | |
Series N 2016: | |||
5% 12/1/41 | 8,310,000 | 9,529,326 | |
5% 12/1/46 | 12,325,000 | 14,058,635 | |
5% 3/1/34 | 4,375,000 | 4,991,788 | |
5.25% 7/1/25 | 1,000,000 | 1,134,250 | |
5.25% 7/1/25 (Pre-Refunded to 7/1/22 @ 100) | 1,000,000 | 1,191,530 | |
5.25% 7/1/26 | 1,000,000 | 1,126,330 | |
5.25% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | 1,000,000 | 1,191,530 | |
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds Series 2009, 5.75%, tender 5/1/19 (b) | 2,000,000 | 2,163,120 | |
Massachusetts Edl. Fing. Auth. Rev.: | |||
Series 2010 A: | |||
5.5% 1/1/22 | 3,500,000 | 3,808,490 | |
5.5% 1/1/23 (c) | 125,000 | 132,483 | |
Series 2017 A: | |||
5% 7/1/22 (c) | 1,000,000 | 1,139,650 | |
5% 7/1/23 (c) | 1,500,000 | 1,733,385 | |
5% 7/1/24 (c) | 2,000,000 | 2,323,760 | |
5% 7/1/25 (c) | 2,250,000 | 2,623,343 | |
5% 7/1/26 (c) | 1,650,000 | 1,927,398 | |
Massachusetts Fed. Hwy. Series 2013 A: | |||
5% 6/15/26 | 5,000,000 | 5,833,650 | |
5% 6/15/27 | 5,000,000 | 5,836,200 | |
Massachusetts Gen. Oblig.: | |||
Series 2004 A, 5.5% 8/1/30 | 2,000,000 | 2,588,740 | |
Series 2006 B, 5.25% 9/1/22 | 5,360,000 | 6,394,105 | |
Series 2007 A, 1.354% 5/1/37 (b) | 20,115,000 | 19,164,365 | |
Series 2011 B: | |||
5% 8/1/24 (Pre-Refunded to 8/1/20 @ 100) | 1,750,000 | 1,950,498 | |
5% 8/1/25 (Pre-Refunded to 8/1/20 @ 100) | 1,930,000 | 2,151,120 | |
Series 2014 E: | |||
5% 9/1/28 (Pre-Refunded to 9/1/22 @ 100) | 10,400,000 | 12,318,488 | |
5% 9/1/29 | 7,500,000 | 8,782,725 | |
5% 9/1/30 | 5,000,000 | 5,833,850 | |
5% 9/1/31 | 8,000,000 | 9,312,880 | |
Series 2015 C: | |||
5% 7/1/40 | 12,730,000 | 14,704,678 | |
5% 7/1/45 | 22,075,000 | 25,347,398 | |
Series 2016 A, 5% 3/1/46 | 12,985,000 | 14,756,803 | |
Series 2016 B: | |||
5% 7/1/31 | 19,965,000 | 23,947,219 | |
5% 7/1/32 | 5,000,000 | 5,966,450 | |
5% 7/1/33 | 5,500,000 | 6,534,165 | |
5% 7/1/34 | 10,245,000 | 12,126,699 | |
5% 7/1/35 | 5,500,000 | 6,495,830 | |
5% 7/1/36 | 10,260,000 | 12,091,000 | |
5% 7/1/37 | 8,495,000 | 9,996,321 | |
Series 2016: | |||
5% 3/1/31 | 1,500,000 | 1,765,920 | |
5% 3/1/32 | 7,500,000 | 8,764,350 | |
Series 2017 A: | |||
5% 4/1/34 | 6,875,000 | 8,217,963 | |
5% 4/1/35 | 9,580,000 | 11,415,432 | |
5% 4/1/42 | 11,860,000 | 13,955,899 | |
Series 2017 C, 5% 10/1/26 | 20,000,000 | 25,018,200 | |
Series 2017 D: | |||
5% 2/1/33 | 2,550,000 | 3,050,106 | |
5% 2/1/35 | 6,300,000 | 7,488,999 | |
5% 2/1/36 | 20,000,000 | 23,701,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Berklee College Proj.): | |||
5% 10/1/19 | 230,000 | 231,433 | |
5% 10/1/21 | 225,000 | 226,393 | |
5% 10/1/23 | 140,000 | 140,862 | |
5% 10/1/25 | 415,000 | 417,544 | |
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (d) | 5,260,000 | 5,283,828 | |
(Cape Cod Healthcare Proj.) Series 2004 D: | |||
5% 11/15/31 (Pre-Refunded to 11/15/19 @ 100) | 2,000,000 | 2,179,640 | |
5.125% 11/15/35 (Pre-Refunded to 11/15/19 @ 100) | 1,000,000 | 1,092,640 | |
6% 11/15/28 (Pre-Refunded to 11/15/19 @ 100) | 2,735,000 | 3,042,250 | |
(Children's Hosp. Proj.) Series 2009 M, 5.5% 12/1/39 | 20,000,000 | 21,977,800 | |
(Northeastern Univ. Proj.): | |||
Series 2008 R: | |||
5% 10/1/17 | 775,000 | 780,131 | |
5% 10/1/18 | 500,000 | 523,320 | |
5% 10/1/20 | 2,000,000 | 2,089,240 | |
5% 10/1/22 | 1,160,000 | 1,211,202 | |
5% 10/1/27 | 3,030,000 | 3,160,169 | |
5% 10/1/28 | 1,000,000 | 1,042,370 | |
5% 10/1/33 | 5,000,000 | 5,200,000 | |
Series 2009 Y1: | |||
5% 10/1/17 | 1,570,000 | 1,580,393 | |
5% 10/1/19 | 1,730,000 | 1,873,279 | |
Series 2009 Y2: | |||
5% 10/1/17 | 1,145,000 | 1,152,580 | |
5% 10/1/18 | 1,215,000 | 1,271,668 | |
(Partners HealthCare Sys., Inc. Proj.): | |||
Series 2009 I3, 5% 7/1/21 | 2,300,000 | 2,480,550 | |
Series 2010 J1, 5% 7/1/39 | 23,500,000 | 24,963,345 | |
(Tufts Univ. Proj.) Series J, 5.5% 8/15/17 | 500,000 | 500,780 | |
(Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38 | 18,995,000 | 20,563,797 | |
(Woods Hole Oceanographic Institution Proj.) Series 2008 B: | |||
5.25% 6/1/25 | 1,760,000 | 1,819,998 | |
5.375% 6/1/30 | 8,000,000 | 8,276,880 | |
Series 2007 E: | |||
5% 7/15/32 | 1,155,000 | 1,157,876 | |
5% 7/15/37 | 2,750,000 | 2,756,298 | |
Series 2010 C: | |||
5% 7/1/30 | 4,460,000 | 4,745,217 | |
5.125% 7/1/35 | 930,000 | 985,475 | |
Series E, 5% 7/15/27 | 7,195,000 | 7,214,067 | |
Massachusetts Port Auth. Rev.: | |||
Series 2010 A: | |||
5% 7/1/34 | 2,000,000 | 2,206,480 | |
5% 7/1/40 | 12,000,000 | 13,188,240 | |
Series 2012 A: | |||
5% 7/1/37 (c) | 2,000,000 | 2,265,280 | |
5% 7/1/42 (c) | 10,300,000 | 11,589,354 | |
Series 2012 B: | |||
5% 7/1/25 | 4,150,000 | 4,845,872 | |
5% 7/1/27 | 6,570,000 | 7,664,891 | |
5% 7/1/28 | 5,030,000 | 5,860,453 | |
Series 2014 B, 5% 7/1/39 (c) | 4,965,000 | 5,623,558 | |
Series 2014 C: | |||
5% 7/1/28 | 3,000,000 | 3,552,660 | |
5% 7/1/29 | 4,205,000 | 4,950,084 | |
5% 7/1/30 | 3,000,000 | 3,512,700 | |
Series 2015 A: | |||
5% 7/1/28 | 460,000 | 553,412 | |
5% 7/1/28 (c) | 500,000 | 587,640 | |
5% 7/1/29 (c) | 1,245,000 | 1,453,513 | |
5% 7/1/30 | 1,400,000 | 1,663,046 | |
5% 7/1/30 (c) | 1,450,000 | 1,682,740 | |
5% 7/1/40 (c) | 2,000,000 | 2,246,820 | |
5% 7/1/45 (c) | 3,500,000 | 3,908,625 | |
5% 7/1/45 | 5,570,000 | 6,399,930 | |
Series 2016 A: | |||
5% 7/1/26 | 695,000 | 872,135 | |
5% 7/1/28 | 760,000 | 929,267 | |
5% 7/1/30 | 1,660,000 | 1,999,935 | |
5% 7/1/32 | 1,970,000 | 2,354,249 | |
5% 7/1/36 | 3,760,000 | 4,434,243 | |
Series 2016 B: | |||
4% 7/1/46 (c) | 10,455,000 | 10,795,310 | |
5% 7/1/43 (c) | 6,410,000 | 7,276,953 | |
Series 2017 A: | |||
5% 7/1/30 (c) | 1,280,000 | 1,517,350 | |
5% 7/1/31 (c) | 1,095,000 | 1,292,856 | |
5% 7/1/32 (c) | 1,370,000 | 1,609,791 | |
5% 7/1/33 (c) | 1,250,000 | 1,462,938 | |
5% 7/1/35 (c) | 1,000,000 | 1,164,750 | |
5% 7/1/36 (c) | 1,720,000 | 2,000,171 | |
5% 7/1/42 (c) | 4,110,000 | 4,726,459 | |
Massachusetts Port Auth. Spl. Facilities Rev.: | |||
(BosFuel Corp. Proj.) Series 2007: | |||
5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,615,000 | 1,619,490 | |
5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,000,000 | 1,002,770 | |
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,560,000 | 1,564,321 | |
5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,000,000 | 1,002,750 | |
(BosFuel Proj.) Series 2007, 5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 5,175,000 | 5,186,799 | |
(ConRAC Proj.) Series 2011 A, 5.125% 7/1/41 | 13,000,000 | 14,391,520 | |
(Delta Air Lines, Inc. Proj.) Series 2001 A: | |||
5.5% 1/1/18 (AMBAC Insured) (c) | 6,000,000 | 6,026,040 | |
5.5% 1/1/19 (AMBAC Insured) (c) | 5,000,000 | 5,021,900 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Series 2007 A, 5% 8/15/37 (Pre-Refunded to 8/15/17 @ 100) | 25,000 | 25,035 | |
Series 2011 B: | |||
5% 10/15/41 | 25,000,000 | 28,308,250 | |
5.25% 10/15/35 | 12,500,000 | 14,384,250 | |
Series 2012 A: | |||
5% 8/15/23 | 15,000,000 | 17,671,500 | |
5% 8/15/24 | 27,500,000 | 32,368,302 | |
Series 2012 B: | |||
5% 8/15/27 | 10,000,000 | 11,727,800 | |
5% 8/15/28 | 12,000,000 | 14,054,160 | |
5% 8/15/30 | 18,400,000 | 21,491,384 | |
Series 2013 A, 5% 5/15/43 | 18,675,000 | 21,216,854 | |
Series 2016 A: | |||
5% 11/15/40 | 7,335,000 | 8,555,691 | |
5% 11/15/41 | 7,710,000 | 8,974,517 | |
Series 2016 C, 5% 11/15/33 | 20,000,000 | 23,881,000 | |
Massachusetts Spl. Oblig. Dedicated Tax Rev.: | |||
Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,935,000 | 6,284,928 | |
Series 2005: | |||
5.25% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,270,000 | 4,820,232 | |
5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,284,060 | |
5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,770,000 | 6,200,428 | |
Massachusetts State College Bldg. Auth. Rev.: | |||
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) | 2,250,000 | 2,091,060 | |
Series 2003 B: | |||
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) | 6,080,000 | 4,562,675 | |
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) | 1,100,000 | 1,136,839 | |
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) | 1,825,000 | 2,035,313 | |
Series 2009 B: | |||
5% 5/1/35 | 5,560,000 | 6,104,824 | |
5% 5/1/40 | 4,625,000 | 5,063,774 | |
Series 2012 A: | |||
5% 5/1/36 | 7,360,000 | 8,383,040 | |
5% 5/1/41 | 10,000,000 | 11,269,000 | |
Series 2012 B: | |||
5% 5/1/29 | 2,000,000 | 2,315,400 | |
5% 5/1/30 | 1,870,000 | 2,160,261 | |
5% 5/1/37 | 3,075,000 | 3,497,936 | |
5% 5/1/43 | 11,125,000 | 12,510,063 | |
Series 2014 B: | |||
5% 5/1/39 | 2,500,000 | 2,855,600 | |
5% 5/1/44 | 13,935,000 | 15,825,004 | |
Series 2014 D: | |||
5% 5/1/39 | 7,575,000 | 8,693,600 | |
5% 5/1/41 | 4,515,000 | 5,168,275 | |
Series 2016 A: | |||
5% 5/1/38 | 11,450,000 | 13,166,584 | |
5% 5/1/41 | 7,960,000 | 9,111,732 | |
5% 5/1/49 | 12,015,000 | 13,672,950 | |
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: | |||
Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,625,796 | |
Sr. Series A: | |||
0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,110,000 | 4,316,519 | |
0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,700,000 | 5,782,392 | |
0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 33,195,000 | 23,845,628 | |
Sr. Series C, 0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,815,000 | 13,557,074 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) | 5,420,000 | 5,750,891 | |
Series 2009 B1, 5% 8/1/22 (Pre-Refunded to 8/1/19 @ 100) | 520,000 | 560,971 | |
Series 2011 B: | |||
5% 8/1/36 (Pre-Refunded to 8/1/21 @ 100) | 905,000 | 1,041,031 | |
5% 8/1/36 (Pre-Refunded to 8/1/21 @ 100) | 4,110,000 | 4,727,774 | |
5% 8/1/41 (Pre-Refunded to 8/1/21 @ 100) | 16,000,000 | 18,404,960 | |
Series 2011 C, 5.25% 8/1/42 | 8,425,000 | 9,599,782 | |
Series 2012 A, 5% 8/1/37 | 8,000,000 | 9,221,680 | |
Series 2014 F, 5% 8/1/26 | 8,790,000 | 10,714,658 | |
Series 2016 B, 5% 8/1/40 | 4,625,000 | 5,433,126 | |
Series 2016 C: | |||
5% 8/1/35 | 12,550,000 | 14,863,342 | |
5% 8/1/40 | 27,000,000 | 31,717,710 | |
Plymouth Gen. Oblig.: | |||
Series 2009: | |||
5% 5/15/23 (Pre-Refunded to 5/15/19 @ 100) | 1,255,000 | 1,344,180 | |
5% 5/15/25 (Pre-Refunded to 5/15/19 @ 100) | 1,150,000 | 1,231,719 | |
5% 10/15/17 | 1,665,000 | 1,678,986 | |
5% 10/15/19 | 500,000 | 542,945 | |
Reading Gen. Oblig. Series 2012: | |||
5% 2/1/20 | 1,165,000 | 1,275,885 | |
5% 2/1/22 | 1,245,000 | 1,445,470 | |
5% 2/1/23 | 1,185,000 | 1,408,467 | |
Springfield Gen. Oblig. Series 2017: | |||
5% 3/1/20 | 2,715,000 | 2,986,283 | |
5% 3/1/23 | 1,775,000 | 2,108,292 | |
5% 3/1/24 | 2,225,000 | 2,686,243 | |
5% 3/1/25 | 2,420,000 | 2,962,395 | |
Taunton Gen. Oblig. 5% 12/1/17 | 1,965,000 | 1,991,154 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: | |||
(Bldg. Auth. Proj.) Series 2015 1: | |||
5% 11/1/27 | 3,500,000 | 4,261,635 | |
5% 11/1/28 | 6,000,000 | 7,240,080 | |
5% 11/1/29 | 6,230,000 | 7,460,612 | |
5% 11/1/30 | 6,000,000 | 7,145,520 | |
Series 2014 1, 5% 11/1/44 | 20,445,000 | 23,331,630 | |
Series 2015 1, 5% 11/1/40 | 9,595,000 | 11,162,055 | |
Westfield Gen. Oblig. Series 2014: | |||
5% 3/1/26 | 2,990,000 | 3,552,419 | |
5% 3/1/27 | 2,740,000 | 3,225,747 | |
Worcester Gen. Oblig. Series 2001 A: | |||
5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 310,000 | 311,042 | |
5.5% 8/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 220,000 | 220,832 | |
TOTAL MASSACHUSETTS | 2,130,072,270 | ||
TOTAL MUNICIPAL BONDS | |||
(Cost $2,056,300,706) | 2,135,347,837 | ||
TOTAL INVESTMENT PORTFOLIO - 98.7% | |||
(Cost $2,056,300,706) | 2,135,347,837 | ||
NET OTHER ASSETS (LIABILITIES) - 1.3% | 28,537,069 | ||
NET ASSETS - 100% | $2,163,884,906 |
Legend
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,028,981 or 0.3% of net assets.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,283,828 or 0.2% of net assets.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 9/3/92 | $4,933,512 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
Other Information
The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):
Education | 22.2% |
Health Care | 19.8% |
Special Tax | 16.3% |
General Obligations | 15.4% |
Transportation | 12.9% |
Water & Sewer | 6.2% |
Others* (Individually Less Than 5%) | 7.2% |
100.0% |
* Includes net other assets
See accompanying notes which are an integral part of the financial statements.
Fidelity® Massachusetts Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
July 31, 2017 (Unaudited) | ||
Assets | ||
Investment in securities, at value See accompanying schedule: Unaffiliated issuers (cost $2,056,300,706) | $2,135,347,837 | |
Cash | 10,913,648 | |
Receivable for investments sold | 2,180,004 | |
Receivable for fund shares sold | 1,218,057 | |
Interest receivable | 20,055,642 | |
Other receivables | 5,332 | |
Total assets | 2,169,720,520 | |
Liabilities | ||
Payable for investments purchased | $276,670 | |
Payable for fund shares redeemed | 2,934,272 | |
Distributions payable | 1,779,432 | |
Accrued management fee | 643,894 | |
Other affiliated payables | 166,404 | |
Other payables and accrued expenses | 34,942 | |
Total liabilities | 5,835,614 | |
Net Assets | $2,163,884,906 | |
Net Assets consist of: | ||
Paid in capital | $2,083,843,265 | |
Undistributed net investment income | 1,000,847 | |
Accumulated undistributed net realized gain (loss) on investments | (6,337) | |
Net unrealized appreciation (depreciation) on investments | 79,047,131 | |
Net Assets, for 177,076,702 shares outstanding | $2,163,884,906 | |
Net Asset Value, offering price and redemption price per share ($2,163,884,906 ÷ 177,076,702 shares) | $12.22 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended July 31, 2017 (Unaudited) | ||
Investment Income | ||
Interest | $35,034,145 | |
Expenses | ||
Management fee | $3,830,133 | |
Transfer agent fees | 790,195 | |
Accounting fees and expenses | 192,426 | |
Custodian fees and expenses | 7,683 | |
Independent trustees' fees and expenses | 4,079 | |
Registration fees | 20,863 | |
Audit | 29,319 | |
Legal | 8,818 | |
Miscellaneous | 10,937 | |
Total expenses before reductions | 4,894,453 | |
Expense reductions | (14,148) | 4,880,305 |
Net investment income (loss) | 30,153,840 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 205,416 | |
Total net realized gain (loss) | 205,416 | |
Change in net unrealized appreciation (depreciation) on investment securities | 45,374,607 | |
Net gain (loss) | 45,580,023 | |
Net increase (decrease) in net assets resulting from operations | $75,733,863 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended July 31, 2017 (Unaudited) | Year ended January 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $30,153,840 | $66,571,528 |
Net realized gain (loss) | 205,416 | 32,321,403 |
Change in net unrealized appreciation (depreciation) | 45,374,607 | (124,583,862) |
Net increase (decrease) in net assets resulting from operations | 75,733,863 | (25,690,931) |
Distributions to shareholders from net investment income | (30,108,272) | (66,475,663) |
Distributions to shareholders from net realized gain | (4,396,777) | (28,608,828) |
Total distributions | (34,505,049) | (95,084,491) |
Share transactions | ||
Proceeds from sales of shares | 147,256,931 | 403,353,932 |
Reinvestment of distributions | 22,577,169 | 62,296,451 |
Cost of shares redeemed | (174,492,833) | (492,967,120) |
Net increase (decrease) in net assets resulting from share transactions | (4,658,733) | (27,316,737) |
Redemption fees | | 8,554 |
Total increase (decrease) in net assets | 36,570,081 | (148,083,605) |
Net Assets | ||
Beginning of period | 2,127,314,825 | 2,275,398,430 |
End of period | $2,163,884,906 | $2,127,314,825 |
Other Information | ||
Undistributed net investment income end of period | $1,000,847 | $955,279 |
Shares | ||
Sold | 12,202,190 | 32,242,308 |
Issued in reinvestment of distributions | 1,868,452 | 5,037,281 |
Redeemed | (14,462,761) | (40,221,214) |
Net increase (decrease) | (392,119) | (2,941,625) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights Fidelity Massachusetts Municipal Income Fund
Six months ended (Unaudited) July 31, | Years ended January 31, | |||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected PerShare Data | ||||||
Net asset value, beginning of period | $11.99 | $12.61 | $12.73 | $11.99 | $12.69 | $12.63 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .171 | .358 | .390 | .405 | .399 | .420 |
Net realized and unrealized gain (loss) | .254 | (.467) | (.079) | .763 | (.630) | .141 |
Total from investment operations | .425 | (.109) | .311 | 1.168 | (.231) | .561 |
Distributions from net investment income | (.170) | (.358) | (.389) | (.405) | (.399) | (.418) |
Distributions from net realized gain | (.025) | (.153) | (.042) | (.023) | (.070) | (.083) |
Total distributions | (.195) | (.511) | (.431) | (.428) | (.469) | (.501) |
Redemption fees added to paid in capitalA | | B | B | B | B | B |
Net asset value, end of period | $12.22 | $11.99 | $12.61 | $12.73 | $11.99 | $12.69 |
Total ReturnC,D | 3.58% | (.92)% | 2.54% | 9.91% | (1.79)% | 4.51% |
Ratios to Average Net AssetsE | ||||||
Expenses before reductions | .46%F | .46% | .46% | .46% | .46% | .46% |
Expenses net of fee waivers, if any | .46%F | .46% | .46% | .46% | .46% | .46% |
Expenses net of all reductions | .46%F | .46% | .46% | .46% | .46% | .46% |
Net investment income (loss) | 2.85%F | 2.85% | 3.13% | 3.29% | 3.28% | 3.31% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $2,163,885 | $2,127,315 | $2,275,398 | $2,227,164 | $2,000,388 | $2,559,130 |
Portfolio turnover rate | 14%F | 25% | 11% | 8% | 11% | 19% |
A Calculated based on average shares outstanding during the period.
B Amount represents less than $.0005 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Fidelity® Massachusetts Municipal Money Market Fund
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 7/31/17 | % of fund's investments 1/31/17 | % of fund's investments 7/31/16 |
1 - 7 | 82.9 | 79.6 | 85.4 |
8 - 30 | 2.3 | 1.8 | 1.9 |
31 - 60 | 9.3 | 7.9 | 4.8 |
61 - 90 | 3.2 | 2.6 | 2.7 |
91 - 180 | 1.3 | 5.0 | 2.3 |
> 180 | 1.0 | 3.1 | 2.9 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of July 31, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 40.8% | |
Tender Option Bond | 25.9% | |
Other Municipal Security | 21.3% | |
Investment Companies | 11.9% | |
Net Other Assets (Liabilities) | 0.1% |
As of January 31, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 41.2% | |
Tender Option Bond | 24.1% | |
Other Municipal Security | 23.3% | |
Investment Companies | 11.7% | |
Net Other Assets (Liabilities)* | (0.3)% |
* Net Other Assets (Liabilities) are not included in the pie chart
Current And Historical 7-Day Yields
7/31/17 | 4/30/17 | 1/31/17 | 10/31/16 | 7/31/16 | |
Fidelity® Massachusetts Municipal Money Market Fund | 0.40% | 0.46% | 0.26% | 0.22% | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.
Fidelity® Massachusetts Municipal Money Market Fund
Investments July 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 40.8% | |||
Principal Amount | Value | ||
Alabama - 0.2% | |||
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1% 8/7/17, VRDN (a)(b) | $6,300,000 | $6,300,000 | |
Arizona - 0.1% | |||
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 0.91% 8/7/17, VRDN (a) | 1,800,000 | 1,800,000 | |
Arkansas - 0.5% | |||
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.) Series 2002, 1.04% 8/7/17, VRDN (a)(b) | 1,900,000 | 1,900,000 | |
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.97% 8/7/17, LOC Royal Bank of Scotland PLC, VRDN (a)(b) | 12,300,000 | 12,300,000 | |
14,200,000 | |||
Connecticut - 0.3% | |||
Connecticut Gen. Oblig. Series 2016 C, 0.94% 8/7/17 (Liquidity Facility Bank of America NA), VRDN (a) | 10,000,000 | 10,000,000 | |
Delaware - 0.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1993 C, 0.99% 8/7/17, VRDN (a) | 1,200,000 | 1,200,000 | |
Series 1994, 0.93% 8/1/17, VRDN (a)(b) | 1,300,000 | 1,300,000 | |
Series 1999 B, 0.91% 8/7/17, VRDN (a)(b) | 2,400,000 | 2,400,000 | |
4,900,000 | |||
Georgia - 0.0% | |||
Savannah Econ. Dev. Auth. Rev. (Home Depot, Inc. Proj.) Series 1995 A, 0.92% 8/7/17, VRDN (a)(b) | 700,000 | 700,000 | |
Indiana - 0.3% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 B, 1% 8/7/17, VRDN (a)(b) | 2,000,000 | 2,000,000 | |
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
Series H, 0.96% 8/7/17, VRDN (a) | 1,900,000 | 1,900,000 | |
Series I, 0.96% 8/7/17, VRDN (a) | 800,000 | 800,000 | |
Michigan City Ltd. Oblig. Rev. (Palatek Proj.) 0.97% 8/7/17, LOC Comerica Bank, VRDN (a)(b) | 2,715,000 | 2,715,000 | |
7,415,000 | |||
Iowa - 0.3% | |||
Iowa Fin. Auth. Solid Disp. Waste Rev.: | |||
(MidAmerican Energy Co. Proj.) Series 2016 B, 0.92% 8/7/17, VRDN (a)(b) | 5,600,000 | 5,600,000 | |
(MidAmerican Energy Proj.) Series 2008 A, 0.92% 8/7/17, VRDN (a)(b) | 3,900,000 | 3,900,000 | |
9,500,000 | |||
Kentucky - 0.3% | |||
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 0.91% 8/7/17, VRDN (a)(b) | 10,200,000 | 10,200,000 | |
Louisiana - 0.5% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.94% 8/7/17, VRDN (a) | 3,500,000 | 3,500,000 | |
Series 2010 B1, 0.94% 8/7/17, VRDN (a) | 10,500,000 | 10,500,000 | |
14,000,000 | |||
Massachusetts - 37.7% | |||
Boston Wtr. & Swr. Commission Rev. Series 1994 A, 0.8% 8/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 6,000,000 | 6,000,000 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.: | |||
Series 2010 A1, 0.87% 8/7/17, LOC Citibank NA, VRDN (a) | 67,100,000 | 67,100,000 | |
Series 2010 A2: | |||
0.8% 8/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 1,100,000 | 1,100,000 | |
0.83% 8/7/17, LOC Barclays Bank PLC, VRDN (a) | 11,365,000 | 11,365,000 | |
Series 2010 A3, 0.8% 8/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 17,925,000 | 17,925,000 | |
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: | |||
(Charm Sciences, Inc. Proj.) Series 1999 A, 1.06% 8/7/17, LOC Bank of America NA, VRDN (a)(b) | 700,000 | 700,000 | |
(Monkiewicz Realty Trust Proj.) 1.1% 8/7/17, LOC Bank of America NA, VRDN (a)(b) | 1,080,000 | 1,080,000 | |
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Salem Heights Apts. Proj.) Series 2003 A, 0.88% 8/7/17, LOC Fed. Home Ln. Bank of Boston, VRDN (a)(b) | 12,200,000 | 12,200,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Babson College Proj.) Series 2008 A, 0.8% 8/7/17, LOC Bank of America NA, VRDN (a) | 11,100,000 | 11,100,000 | |
(Boston Univ. Proj.): | |||
Series U-6C, 0.69% 8/1/17, LOC TD Banknorth, NA, VRDN (a) | 4,490,000 | 4,490,000 | |
Series U3, 0.77% 8/7/17, LOC Northern Trust Co., VRDN (a) | 36,400,000 | 36,400,000 | |
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.82% 8/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 12,660,000 | 12,660,000 | |
(Clark Univ. Proj.) 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 35,100,000 | 35,100,000 | |
(College of the Holy Cross Proj.) Series 2008 A, 0.69% 8/1/17, LOC JPMorgan Chase Bank, VRDN (a) | 4,810,000 | 4,810,000 | |
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.87% 8/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) | 1,880,000 | 1,880,000 | |
(Governor Dummer Academy Issues Proj.) Series 2006, 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 4,035,000 | 4,035,000 | |
(ISO New England, Inc. Proj.) Series 2005, 0.78% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 1,645,000 | 1,645,000 | |
(Partners HealthCare Sys. Proj.): | |||
Series 2011 K2, 0.83% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 12,500,000 | 12,500,000 | |
Series 2014 M1, 0.72% 8/1/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 6,500,000 | 6,500,000 | |
(Seven Hills Foundation and Affiliates Proj.): | |||
Series 2008 A, 0.8% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 8,515,000 | 8,515,000 | |
Series 2008 B, 0.8% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 3,840,000 | 3,840,000 | |
(Simmons College Proj.) Series G, 0.83% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 43,710,000 | 43,710,000 | |
(Wilber School Apts. Proj.) Series 2008 A, 0.84% 8/7/17, LOC Bank of America NA, VRDN (a) | 6,300,000 | 6,300,000 | |
(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.8% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 15,885,000 | 15,885,000 | |
Series 2001, 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 3,470,000 | 3,470,000 | |
Series 2006, 0.82% 8/7/17, LOC PNC Bank NA, VRDN (a) | 14,045,000 | 14,045,000 | |
Series 2010, 0.84% 8/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 6,575,000 | 6,575,000 | |
Series 2014 M2, 0.8% 8/7/17, LOC Bank of New York, New York, VRDN (a) | 17,000,000 | 17,000,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Baystate Health Sys. Proj.): | |||
Series 2009 J1, 0.89% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 35,000,000 | 35,000,000 | |
Series 2009 J2, 0.72% 8/1/17, LOC JPMorgan Chase Bank, VRDN (a) | 10,440,000 | 10,440,000 | |
Series 2009 K, 0.87% 8/7/17, LOC Bank of America NA, VRDN (a) | 13,600,000 | 13,600,000 | |
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.72% 8/1/17, LOC Wells Fargo Bank NA, VRDN (a) | 7,520,000 | 7,520,000 | |
(Boston Univ. Proj.) Series H, 0.77% 8/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 4,575,000 | 4,575,000 | |
(Children's Hosp. Proj.): | |||
Series 2010 N3, 0.81% 8/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 62,100,000 | 62,100,000 | |
Series 2010 N4, 0.74% 8/1/17, LOC Wells Fargo Bank NA, VRDN (a) | 53,600,000 | 53,600,000 | |
(CIL Realty of Massachusetts Proj.) Series 2007, 0.81% 8/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a) | 7,215,000 | 7,215,000 | |
(Harvard Univ. Proj.): | |||
Series R, 0.32% 8/1/17, VRDN (a) | 17,680,000 | 17,680,000 | |
Series Y, 0.8% 8/7/17, VRDN (a) | 8,825,000 | 8,825,000 | |
(Henry Heywood Memorial Hosp. Proj.) Series 2009 C, 0.75% 8/1/17, LOC TD Banknorth, NA, VRDN (a) | 980,000 | 980,000 | |
(Massachusetts Institute of Technology Proj.): | |||
Series 2001 J1, 0.78% 8/7/17, VRDN (a) | 37,450,000 | 37,449,996 | |
Series 2001 J2, 0.8% 8/7/17, VRDN (a) | 64,995,000 | 64,995,000 | |
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.88% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 34,540,000 | 34,540,000 | |
(Partners HealthCare Sys., Inc. Proj.) Series 2005 F, 0.78% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 5,315,000 | 5,315,000 | |
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.77% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 42,175,000 | 42,175,000 | |
(Williams College Proj.) Series I, 0.8% 8/7/17, VRDN (a) | 10,496,000 | 10,496,000 | |
Series 2009 O-1, 0.86% 8/7/17, LOC Fed. Home Ln. Bank of Boston, VRDN (a) | 16,165,000 | 16,165,000 | |
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Princeton Westford Proj.) Series 2015 A, 0.83% 8/7/17, LOC Bank of America NA, VRDN (a) | 13,800,000 | 13,800,000 | |
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev.: | |||
Series 2009 A, 0.84% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 6,525,000 | 6,525,000 | |
Series 2013 F, 0.87% 8/7/17, LOC TD Banknorth, NA, VRDN (a)(b) | 25,580,000 | 25,580,000 | |
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev. (Boutwell Owens & Co., Inc. Proj.) Series 1998, 1.15% 8/7/17, LOC Wells Fargo Bank NA, VRDN (a)(b) | 80,000 | 80,000 | |
Massachusetts Indl. Fin. Agcy. Rev. (Governor Dummer Academy Proj.) Series 1996, 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 5,400,000 | 5,400,000 | |
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 1% 8/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a)(b) | 32,100,000 | 32,100,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Series 1999 B, 0.8% 8/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 34,600,000 | 34,600,000 | |
Series 2002 C, 0.72% 8/1/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 2,600,000 | 2,600,000 | |
Series 2008 C2, 0.81% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 25,230,000 | 25,230,000 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.83% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 112,915,000 | 112,915,000 | |
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Archstone Reading Apts. Proj.) Series 2004 A, 0.95% 8/7/17, LOC Freddie Mac, VRDN (a)(b) | 24,840,000 | 24,840,000 | |
(Tammy Brook Apts. Proj.) Series 2009, 0.87% 8/7/17, LOC Freddie Mac, VRDN (a) | 5,990,000 | 5,990,000 | |
FNMA Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Avalon Acton Apts. Proj.) Series 2006, 0.92% 8/7/17, LOC Fannie Mae, VRDN (a)(b) | 45,000,000 | 45,000,000 | |
1,135,260,996 | |||
Nebraska - 0.1% | |||
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1% 8/7/17, VRDN (a)(b) | 3,400,000 | 3,400,000 | |
North Carolina - 0.0% | |||
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.04% 8/7/17, VRDN (a)(b) | 1,000,000 | 1,000,000 | |
Texas - 0.0% | |||
Port Arthur Navigation District Jefferson County Rev. Series 2000 B, 1.03% 8/7/17 (Total SA Guaranteed), VRDN (a)(b) | 1,300,000 | 1,300,000 | |
West Virginia - 0.3% | |||
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.: | |||
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.06% 8/7/17, VRDN (a)(b) | 5,800,000 | 5,800,000 | |
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.09% 8/7/17, VRDN (a)(b) | 3,100,000 | 3,100,000 | |
8,900,000 | |||
Wyoming - 0.0% | |||
Converse County Envir. Impt. Rev. Series 1995, 0.99% 8/7/17, VRDN (a)(b) | 200,000 | 200,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $1,229,075,996) | 1,229,075,996 | ||
Tender Option Bond - 25.9% | |||
Colorado - 0.1% | |||
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.02% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 1,165,000 | 1,165,000 | |
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XF 10 36, 0.91% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 400,000 | 400,000 | |
1,565,000 | |||
Illinois - 0.1% | |||
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 0.92% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 2,635,000 | 2,635,000 | |
Massachusetts - 25.5% | |||
Billerica Gen. Oblig. Bonds Series Solar 17 0027, 0.98%, tender 8/10/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,400,000 | 3,400,000 | |
JPMorgan Chase Participating VRDN Series Putters 16 5005, 0.8% 8/1/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 18,600,000 | 18,600,000 | |
Massachusetts Clean Wtr. Trust Bonds: | |||
Series Clipper 05 36, 0.87%, tender 8/3/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 8,105,000 | 8,105,000 | |
Series Clipper 09 30, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 12,200,000 | 12,200,000 | |
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series 2016 20, 0.87%, tender 8/3/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 18,825,000 | 18,825,000 | |
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 8,600,000 | 8,600,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Bonds Series WF 10 56C, 1.12%, tender 1/25/18 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d) | 19,805,000 | 19,805,000 | |
Participating VRDN: | |||
Series 15 XF0245, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 8,135,000 | 8,135,000 | |
Series 2016 XF2207, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 2,000,000 | 2,000,000 | |
Series 2016 XM0136, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(e) | 1,875,000 | 1,875,000 | |
Series 2016 XM0137, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 2,865,000 | 2,865,000 | |
Series MS 3373, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 7,100,000 | 7,100,000 | |
Series MS 3389X, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,500,000 | 2,500,000 | |
Series ROC II R 11999X, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,785,000 | 6,785,000 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series Clipper 09 37, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 36,075,000 | 36,075,000 | |
Series Clipper 09 67, 0.87%, tender 8/3/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 72,700,000 | 72,700,000 | |
Series Clipper 09 69, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(d) | 42,200,000 | 42,200,000 | |
Participating VRDN: | |||
Series 16 XF0374, 0.87% 8/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 9,000,000 | 9,000,000 | |
Series 16 XM 03 35, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 6,700,000 | 6,700,000 | |
Series 16 XM0221, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 13,455,000 | 13,455,000 | |
Series 16 ZF0377, 0.86% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 4,375,000 | 4,375,000 | |
Series Floaters 16 ZF2364, 0.85% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,400,000 | 4,400,000 | |
Series Floaters XF 05 28, 0.86% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 2,385,000 | 2,385,000 | |
Series Floaters XF 05 30, 0.86% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 2,830,000 | 2,830,000 | |
Series Floaters XG 01 42, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,500,000 | 3,500,000 | |
Series Floaters XM 03 72, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,000,000 | 4,000,000 | |
Series Floaters XM 04 28, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,500,000 | 7,500,000 | |
Massachusetts Health & Edl. Facilities Auth. Participating VRDN Series XL 00 17, 0.89% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 10,785,000 | 10,785,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
Bonds Series Clipper 09 39, 0.87%, tender 8/3/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c) | 15,450,000 | 15,450,000 | |
Participating VRDN: | |||
Series 16 XM0217, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 41,800,000 | 41,800,000 | |
Series BA 15 XM0074, 0.86% 8/7/17 (Liquidity Facility Bank of America NA) (a)(c) | 10,000,000 | 10,000,000 | |
Series Floaters XF 00 47, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 9,600,000 | 9,600,000 | |
Massachusetts Health and Edl. Facilities Auth. Rev. Participating VRDN Series 2017, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 11,175,000 | 11,175,000 | |
Massachusetts School Bldg. Auth. Participating VRDN: | |||
Series Floaters XM 03 89, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,400,000 | 4,400,000 | |
Series XM 03 54, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 4,250,000 | 4,250,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Bonds Series Solar 17 13, 0.87%, tender 8/3/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c) | 3,200,000 | 3,200,000 | |
Participating VRDN: | |||
Series 15 XF2203, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 3,960,000 | 3,960,000 | |
Series 16 XM0239, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 7,210,000 | 7,210,000 | |
Series 16 ZM0173, 0.85% 8/7/17 (Liquidity Facility Royal Bank of Canada) (a)(c) | 10,000,000 | 10,000,000 | |
Series EGL 14 C031A, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 12,375,000 | 12,375,000 | |
Series EGL 15 0004, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 57,460,000 | 57,460,000 | |
Series EGL 15 001, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 56,710,000 | 56,710,000 | |
Series EGL 15 002, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 64,000,000 | 64,000,000 | |
Series EGL 15 003, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 48,340,000 | 48,340,000 | |
Series Floaters XM 04 30, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,335,000 | 3,335,000 | |
Series Floaters XM 05 21, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 3,000,000 | 3,000,000 | |
Series Floaters XX 10 08, 0.84% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 3,500,000 | 3,500,000 | |
Series Floaters YX 10 29, 0.84% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(c) | 4,610,000 | 4,610,000 | |
Series MS 30911, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 2,700,000 | 2,700,000 | |
Series ROC II R 14021, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(c) | 6,000,000 | 6,000,000 | |
Massachusetts St. Wtr. Resources Auth. Bonds Series 2016 E74, 1%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a)(c)(d) | 34,845,000 | 34,845,000 | |
Massachusetts Wtr. Resources Auth. Participating VRDN Series XM 02 87, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(c) | 1,300,000 | 1,300,000 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN Series XL 0042, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) | 8,380,000 | 8,380,000 | |
768,300,000 | |||
Nebraska - 0.1% | |||
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.91% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 2,000,000 | 2,000,000 | |
New Jersey - 0.0% | |||
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.01% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) | 1,300,000 | 1,300,000 | |
Ohio - 0.0% | |||
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1% 9/11/17 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) | 1,500,000 | 1,500,000 | |
South Carolina - 0.1% | |||
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.97% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(c) | 4,450,000 | 4,450,000 | |
TOTAL TENDER OPTION BOND | |||
(Cost $781,750,000) | 781,750,000 | ||
Other Municipal Security - 21.3% | |||
Georgia - 0.9% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
Series 2010 A1, 0.92%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a) | 13,275,000 | 13,275,000 | |
Series 2010 A2, 0.92%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a) | 13,340,000 | 13,340,000 | |
26,615,000 | |||
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 0.99% tender 8/2/17, CP mode | 2,400,000 | 2,400,000 | |
Massachusetts - 19.9% | |||
Billerica Gen. Oblig. BAN Series 2016, 2% 12/8/17 | 3,500,000 | 3,510,022 | |
Boston Wtr. & Swr. Commission Rev. Bonds Series 2009 A, 5% 11/1/17 | 2,000,000 | 2,020,403 | |
Gloucester Gen. Oblig. BAN Series 2017, 2% 2/2/18 | 7,097,000 | 7,131,519 | |
Massachusetts Dev. Fin. Agcy. Series 5, 0.95% 10/2/17, LOC TD Banknorth, NA, CP | 3,926,000 | 3,926,000 | |
Massachusetts Dev. Fin. Agcy. Elec. Util. Rev. Bonds Series 2017, 1.08% tender 8/2/17 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | 13,300,000 | 13,300,000 | |
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 05, 1.05% tender 8/29/17 (Massachusetts Elec. Co. Guaranteed), CP mode (b) | 28,000,000 | 28,000,000 | |
Massachusetts Gen. Oblig. Bonds: | |||
Series 2007 C: | |||
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 40,000,000 | 40,000,000 | |
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 10,500,000 | 10,500,000 | |
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 2,000,000 | 2,000,000 | |
5.25% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 1,400,000 | 1,400,000 | |
Series 2012 D, 1.25% 1/1/18 (a) | 12,200,000 | 12,200,000 | |
Series B, 1.3% 2/1/18 (a)(e) | 36,700,000 | 36,700,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds: | |||
Series 08H1, 0.88% tender 8/4/17, CP mode | 12,160,000 | 12,160,000 | |
Series 08H2, 0.95% tender 9/6/17, CP mode | 15,100,000 | 15,100,000 | |
Series H1: | |||
0.88% tender 8/3/17, CP mode | 9,800,000 | 9,800,000 | |
0.93% tender 9/7/17, CP mode | 13,300,000 | 13,300,000 | |
Series H2: | |||
0.87% tender 8/2/17, CP mode | 10,800,000 | 10,800,000 | |
0.9% tender 9/8/17, CP mode | 15,490,000 | 15,490,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1993 A, 1% tender 9/5/17, CP mode | 2,000,000 | 2,000,000 | |
Massachusetts Port Auth. Rev.: | |||
Bonds Series 2017 A, 5% 7/1/18 (b) | 5,565,000 | 5,756,656 | |
Series 12A, 0.89% 8/3/17, LOC TD Banknorth, NA, CP | 7,000,000 | 7,000,000 | |
Series 12B: | |||
0.95% 9/7/17, LOC TD Banknorth, NA, CP (b) | 31,000,000 | 31,000,000 | |
0.95% 9/8/17, LOC TD Banknorth, NA, CP (b) | 31,000,000 | 31,000,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Bonds Series 2007 A, 5% 8/15/17 (Pre-Refunded to 8/15/17 @ 100) | 8,310,000 | 8,323,078 | |
Series B: | |||
0.9% 8/7/17, LOC Citibank NA, CP | 27,200,000 | 27,200,000 | |
0.91% 8/21/17, LOC Citibank NA, CP | 15,400,000 | 15,400,000 | |
0.92% 9/12/17, LOC Citibank NA, CP | 15,400,000 | 15,400,000 | |
0.95% 10/10/17, LOC Citibank NA, CP | 23,900,000 | 23,900,000 | |
0.95% 10/11/17, LOC Citibank NA, CP | 25,400,000 | 25,400,000 | |
Series C: | |||
0.92% 8/1/17, LOC Barclays Bank PLC, CP | 21,000,000 | 21,000,000 | |
0.92% 8/2/17, LOC Barclays Bank PLC, CP | 17,100,000 | 17,100,000 | |
0.92% 8/3/17, LOC Barclays Bank PLC, CP | 13,140,000 | 13,140,000 | |
0.92% 8/4/17, LOC Barclays Bank PLC, CP | 7,800,000 | 7,800,000 | |
0.95% 9/5/17, LOC Barclays Bank PLC, CP | 30,800,000 | 30,800,000 | |
0.95% 9/6/17, LOC Barclays Bank PLC, CP | 24,600,000 | 24,600,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 16, 0.9% 8/8/17, LOC TD Banknorth, NA, CP | 11,500,000 | 11,500,000 | |
Orleans Gen. Oblig. Anticipation Notes BAN Series 2017, 2% 2/9/18 | 12,300,000 | 12,362,738 | |
Revere Gen. Oblig. BAN 2.5% 4/13/18 | 3,706,627 | 3,738,323 | |
Topsfield Gen. Oblig. BAN Series 2016, 2% 10/20/17 | 2,177,000 | 2,181,340 | |
Tyngsborough Gen. Oblig. BAN Series 2017, 1.25% 10/20/17 | 3,055,000 | 3,056,646 | |
Wakefield Gen. Oblig. BAN Series 2017, 1.75% 10/5/17 | 3,899,743 | 3,904,539 | |
West Boylston Gen. Oblig. Anticipation Notes BAN Series 2016, 2% 11/17/17 | 4,671,000 | 4,686,065 | |
Westfield Gen. Oblig. BAN 2% 10/31/17 | 9,127,646 | 9,148,334 | |
Woburn Gen. Oblig. BAN Series 2017, 1.85% 9/29/17 | 5,400,000 | 5,407,422 | |
600,143,085 | |||
New Hampshire - 0.2% | |||
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series A-1 1.08% tender 8/3/17, CP mode (b) | 6,100,000 | 6,100,000 | |
Virginia - 0.1% | |||
Halifax County Indl. Dev. Auth. Poll. Cont. Rev. Bonds Series 1992, 1.05% tender 8/11/17, CP mode (b) | 3,700,000 | 3,700,000 | |
West Virginia - 0.1% | |||
Grant County Cmnty. Solid Waste Disp. Rev. Bonds Series 96, 1.07% tender 9/5/17, CP mode (b) | 3,000,000 | 3,000,000 | |
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $641,958,085) | 641,958,085 | ||
Shares | Value | ||
Investment Company - 11.9% | |||
Fidelity Municipal Cash Central Fund, 0.86% (f)(g) | |||
(Cost $359,820,491) | 359,820,490 | 359,820,491 | |
TOTAL INVESTMENT PORTFOLIO - 99.9% | |||
(Cost $3,012,604,572) | 3,012,604,572 | ||
NET OTHER ASSETS (LIABILITIES) - 0.1% | 1,724,208 | ||
NET ASSETS - 100% | $3,014,328,780 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(c) Provides evidence of ownership in one or more underlying municipal bonds.
(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $145,125,000 or 4.8% of net assets.
(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $40,075,000 or 1.3% of net assets.
(f) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund.
(g) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) | 5/1/08 - 3/18/15 | $12,200,000 |
Massachusetts Dev. Fin. Agcy. Rev. Bonds Series WF 10 56C, 1.12%, tender 1/25/18 (Liquidity Facility Wells Fargo Bank NA) | 12/23/10 - 8/4/11 | $19,805,000 |
Massachusetts Gen. Oblig. Bonds Series Clipper 09 37, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) | 2/15/07 - 5/1/08 | $36,075,000 |
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) | 9/28/16 | $42,200,000 |
Massachusetts St. Wtr. Resources Auth. Bonds Series 2016 E74, 1%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) | 7/1/16 - 1/3/17 | $34,845,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $1,543,301 |
Total | $1,543,301 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Massachusetts Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
July 31, 2017 (Unaudited) | ||
Assets | ||
Investment in securities, at value See accompanying schedule: Unaffiliated issuers (cost $2,652,784,081) | $2,652,784,081 | |
Fidelity Central Funds (cost $359,820,491) | 359,820,491 | |
Total Investments (cost $3,012,604,572) | $3,012,604,572 | |
Cash | 36,119 | |
Receivable for investments sold | 3,000,000 | |
Receivable for fund shares sold | 419,416 | |
Interest receivable | 5,461,736 | |
Distributions receivable from Fidelity Central Funds | 279,603 | |
Other receivables | 315 | |
Total assets | 3,021,801,761 | |
Liabilities | ||
Payable for fund shares redeemed | $6,200,635 | |
Distributions payable | 25,210 | |
Accrued management fee | 913,083 | |
Other affiliated payables | 302,099 | |
Other payables and accrued expenses | 31,954 | |
Total liabilities | 7,472,981 | |
Net Assets | $3,014,328,780 | |
Net Assets consist of: | ||
Paid in capital | $3,017,048,434 | |
Undistributed net investment income | 53,334 | |
Accumulated undistributed net realized gain (loss) on investments | (2,772,988) | |
Net Assets, for 3,010,845,593 shares outstanding | $3,014,328,780 | |
Net Asset Value, offering price and redemption price per share ($3,014,328,780 ÷ 3,010,845,593 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended July 31, 2017 (Unaudited) | ||
Investment Income | ||
Interest | $12,013,744 | |
Income from Fidelity Central Funds | 1,543,301 | |
Total income | 13,557,045 | |
Expenses | ||
Management fee | $5,853,335 | |
Transfer agent fees | 1,773,653 | |
Accounting fees and expenses | 146,862 | |
Custodian fees and expenses | 10,770 | |
Independent trustees' fees and expenses | 6,361 | |
Registration fees | 14,132 | |
Audit | 20,700 | |
Legal | 13,051 | |
Miscellaneous | 15,709 | |
Total expenses before reductions | 7,854,573 | |
Expense reductions | (11,464) | 7,843,109 |
Net investment income (loss) | 5,713,936 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (236,311) | |
Fidelity Central Funds | (6,910) | |
Total net realized gain (loss) | (243,221) | |
Net increase in net assets resulting from operations | $5,470,715 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended July 31, 2017 (Unaudited) | Year ended January 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $5,713,936 | $4,451,173 |
Net realized gain (loss) | (243,221) | 56,417 |
Net increase in net assets resulting from operations | 5,470,715 | 4,507,590 |
Distributions to shareholders from net investment income | (5,660,602) | (4,426,038) |
Distributions to shareholders from net realized gain | (2,581,689) | (537,026) |
Total distributions | (8,242,291) | (4,963,064) |
Share transactions at net asset value of $1.00 per share | ||
Proceeds from sales of shares | 138,727,435 | 3,599,895,349 |
Reinvestment of distributions | 8,045,453 | 4,825,804 |
Cost of shares redeemed | (682,275,298) | (6,447,683,286) |
Net increase (decrease) in net assets and shares resulting from share transactions | (535,502,410) | (2,842,962,133) |
Total increase (decrease) in net assets | (538,273,986) | (2,843,417,607) |
Net Assets | ||
Beginning of period | 3,552,602,766 | 6,396,020,373 |
End of period | $3,014,328,780 | $3,552,602,766 |
Other Information | ||
Undistributed net investment income end of period | $53,334 | $ |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights Fidelity Massachusetts Municipal Money Market Fund
Six months ended (Unaudited) July 31, | Years ended January 31, | |||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected PerShare Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .002 | .001 | A | A | A | A |
Net realized and unrealized gain (loss)A | | | | | | |
Total from investment operations | .002 | .001 | A | A | A | A |
Distributions from net investment income | (.002) | (.001) | A | A | A | A |
Distributions from net realized gain | (.001) | A | A | A | | |
Total distributions | (.002)B | (.001) | A | A | A | A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnC,D | .25% | .12% | .02% | .02% | .01% | .01% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .49%G | .48% | .49% | .49% | .50% | .50% |
Expenses net of fee waivers, if any | .48%G | .37% | .05% | .06% | .10% | .17% |
Expenses net of all reductions | .48%G | .37% | .05% | .06% | .10% | .17% |
Net investment income (loss) | .35%G | .09% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $3,014,329 | $3,552,603 | $6,396,020 | $6,701,648 | $6,453,250 | $6,002,818 |
A Amount represents less than $.0005 per share.
B Total distributions of $.002 per share is comprised of distributions from net investment income of $.0017 and distributions from net realized gain of $.0007 per share.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
G Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended July 31, 2017
1. Organization.
Fidelity Massachusetts Municipal Income Fund (the Income Fund) and Fidelity Massachusetts Municipal Money Market Fund (the Money Market Fund) are funds of Fidelity Massachusetts Municipal Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Shares of the Money Market Fund are only available for purchase by retail shareholders. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. Each Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and net asset value (NAV) include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE, normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to market discount and deferred trustees compensation.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) on securities | |
Fidelity Massachusetts Municipal Income Fund | $2,055,742,159 | $94,177,548 | $(14,571,870) | $79,605,678 |
Fidelity Massachusetts Municipal Money Market Fund | 3,012,604,572 | | | |
Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $184,198,095 and $147,490,401, respectively.
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
Individual Rate | Group Rate | Total | |
Fidelity Massachusetts Municipal Income Fund | .25% | .11% | .36% |
Fidelity Massachusetts Municipal Money Market Fund | .25% | .11% | .36% |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
Fidelity Massachusetts Municipal Income Fund | .07% |
Fidelity Massachusetts Municipal Money Market Fund | .11% |
Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month.
Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. For the Income Fund, interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
Fidelity Massachusetts Municipal Income Fund | $3,488 |
During the period, the Income Fund did not borrow on this line of credit.
7. Expense Reductions.
Through arrangements with each Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
Custody expense reduction |
|
Fidelity Massachusetts Municipal Income Fund | $7,683 |
Fidelity Massachusetts Municipal Money Market Fund | 46 |
In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:
Amount | |
Fidelity Massachusetts Municipal Income Fund | $6,465 |
Fidelity Massachusetts Municipal Money Market Fund | 11,418 |
8. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2017 to July 31, 2017).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2017 | Ending Account Value July 31, 2017 | Expenses Paid During Period-B February 1, 2017 to July 31, 2017 |
|
Fidelity Massachusetts Municipal Income Fund | .46% | |||
Actual | $1,000.00 | $1,035.80 | $2.32 | |
Hypothetical-C | $1,000.00 | $1,022.51 | $2.31 | |
Fidelity Massachusetts Municipal Money Market Fund | .48% | |||
Actual | $1,000.00 | $1,002.50 | $2.38 | |
Hypothetical-C | $1,000.00 | $1,022.41 | $2.41 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
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Boston, MA 02210
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Fidelity® Massachusetts AMT Tax-Free Money Market Fund Semi-Annual Report July 31, 2017 |
|
Contents
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544, or for Institutional and Service Class, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2017 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SECs web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Investment Summary/Performance (Unaudited)
Effective Maturity Diversification
Days | % of fund's investments 7/31/17 | % of fund's investments 1/31/17 | % of fund's investments 7/31/16 |
1 - 7 | 88.3 | 83.9 | 86.0 |
8 - 30 | 2.2 | 2.8 | 1.7 |
31 - 60 | 6.0 | 4.9 | 5.1 |
61 - 90 | 2.7 | 2.1 | 2.9 |
91 - 180 | 0.4 | 3.6 | 1.7 |
> 180 | 0.4 | 2.7 | 2.6 |
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.
Asset Allocation (% of fund's net assets)
As of July 31, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 52.9% | |
Tender Option Bond | 15.7% | |
Other Municipal Security | 16.3% | |
Investment Companies | 14.8% | |
Net Other Assets (Liabilities) | 0.3% |
As of January 31, 2017 | ||
Variable Rate Demand Notes (VRDNs) | 46.3% | |
Tender Option Bond | 18.2% | |
Other Municipal Security | 20.4% | |
Investment Companies | 15.6% | |
Net Other Assets (Liabilities)* | (0.5)% |
* Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart
Current And Historical 7-Day Yields
7/31/17 | 4/30/17 | 1/31/17 | 10/31/16 | 7/31/16 | |
Fidelity® Massachusetts AMT Tax-Free Money Market Fund | 0.53% | 0.62% | 0.40% | 0.35% | 0.16% |
Institutional Class | 0.63% | 0.72% | 0.49% | 0.44% | 0.25% |
Service Class | 0.38% | 0.47% | 0.24% | 0.20% | 0.01% |
Yield refers to the income paid by the Fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending July 31, 2017, the most recent period shown in the table, would have been 0.58% for the Institutional Class and 0.34% for the Service Class.
Investments July 31, 2017 (Unaudited)
Showing Percentage of Net Assets
Variable Rate Demand Note - 52.9% | |||
Principal Amount | Value | ||
Alaska - 0.1% | |||
Valdez Marine Term. Rev. (Phillips Trans. Alaska, Inc. Proj.) Series 1994 C, 0.85% 8/7/17, VRDN (a) | $700,000 | $700,000 | |
Connecticut - 0.6% | |||
Connecticut Gen. Oblig. Series 2016 C, 0.94% 8/7/17 (Liquidity Facility Bank of America NA), VRDN (a) | 6,100,000 | 6,100,000 | |
Delaware - 0.0% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.): | |||
Series 1993 C, 0.99% 8/7/17, VRDN (a) | 100,000 | 100,000 | |
Series 1999 A, 0.86% 8/7/17, VRDN (a) | 200,000 | 200,000 | |
300,000 | |||
Indiana - 0.0% | |||
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.): | |||
Series H, 0.96% 8/7/17, VRDN (a) | 400,000 | 400,000 | |
Series I, 0.96% 8/7/17, VRDN (a) | 200,000 | 200,000 | |
600,000 | |||
Louisiana - 0.5% | |||
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.): | |||
Series 2010 A1, 0.94% 8/7/17, VRDN (a) | 1,500,000 | 1,500,000 | |
Series 2010 B1, 0.94% 8/7/17, VRDN (a) | 3,100,000 | 3,100,000 | |
4,600,000 | |||
Massachusetts - 51.2% | |||
Boston Wtr. & Swr. Commission Rev. Series 1994 A, 0.8% 8/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 5,805,000 | 5,805,000 | |
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.: | |||
Series 2010 A1, 0.87% 8/7/17, LOC Citibank NA, VRDN (a) | 18,850,000 | 18,850,000 | |
Series 2010 A2, 0.83% 8/7/17, LOC Barclays Bank PLC, VRDN (a) | 23,800,000 | 23,800,000 | |
Series 2010 A3, 0.8% 8/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 38,010,000 | 38,010,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Babson College Proj.) Series 2008 A, 0.8% 8/7/17, LOC Bank of America NA, VRDN (a) | 12,120,000 | 12,120,000 | |
(Boston Univ. Proj.): | |||
Series U-6C, 0.69% 8/1/17, LOC TD Banknorth, NA, VRDN (a) | 9,100,000 | 9,100,000 | |
Series U3, 0.77% 8/7/17, LOC Northern Trust Co., VRDN (a) | 5,900,000 | 5,900,000 | |
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.82% 8/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 3,365,000 | 3,365,000 | |
(College of the Holy Cross Proj.) Series 2008 A, 0.69% 8/1/17, LOC JPMorgan Chase Bank, VRDN (a) | 8,335,000 | 8,335,000 | |
(Governor Dummer Academy Issues Proj.) Series 2006, 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 4,455,000 | 4,455,000 | |
(ISO New England, Inc. Proj.) Series 2005, 0.78% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 22,980,000 | 22,980,000 | |
(Partners HealthCare Sys. Proj.): | |||
Series 2011 K2, 0.83% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 11,300,000 | 11,300,000 | |
Series 2014 M1, 0.72% 8/1/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 1,650,000 | 1,650,000 | |
(Simmons College Proj.) Series G, 0.83% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 4,705,000 | 4,705,000 | |
(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.8% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 28,620,000 | 28,620,000 | |
Series 2006, 0.78% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 3,265,000 | 3,265,000 | |
Series 2010, 0.84% 8/7/17, LOC Manufacturers & Traders Trust Co., VRDN (a) | 960,000 | 960,000 | |
Series 2014 M2, 0.8% 8/7/17, LOC Bank of New York, New York, VRDN (a) | 6,100,000 | 6,100,000 | |
Massachusetts Gen. Oblig.: | |||
(Central Artery Proj.) Series 2000 A, 0.81% 8/7/17 (Liquidity Facility Citibank NA), VRDN (a) | 11,365,000 | 11,365,000 | |
Series 2001 C, 0.81% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 13,000,000 | 13,000,000 | |
Series 2006 A, 0.62% 8/1/17 (Liquidity Facility Wells Fargo Bank NA), VRDN (a) | 2,855,000 | 2,855,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
(Amherst College Proj.): | |||
Series 2005 I, 0.77% 8/7/17, VRDN (a) | 14,790,000 | 14,790,000 | |
Series 2005 J1, 0.77% 8/7/17, VRDN (a) | 4,500,000 | 4,500,000 | |
Series 2005 J2, 0.67% 8/1/17, VRDN (a) | 4,720,000 | 4,720,000 | |
(Baystate Health Sys. Proj.): | |||
Series 2009 J1, 0.89% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 10,000,000 | 10,000,000 | |
Series 2009 J2, 0.72% 8/1/17, LOC JPMorgan Chase Bank, VRDN (a) | 7,650,000 | 7,650,000 | |
Series 2009 K, 0.87% 8/7/17, LOC Bank of America NA, VRDN (a) | 9,950,000 | 9,950,000 | |
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.72% 8/1/17, LOC Wells Fargo Bank NA, VRDN (a) | 2,205,000 | 2,205,000 | |
(Boston Univ. Proj.) Series H, 0.77% 8/7/17, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 11,500,000 | 11,500,000 | |
(Children's Hosp. Proj.): | |||
Series 2010 N3, 0.81% 8/7/17, LOC U.S. Bank NA, Cincinnati, VRDN (a) | 2,900,000 | 2,900,000 | |
Series 2010 N4, 0.74% 8/1/17, LOC Wells Fargo Bank NA, VRDN (a) | 16,790,000 | 16,790,000 | |
(CIL Realty of Massachusetts Proj.) Series 2007, 0.81% 8/7/17, LOC HSBC Bank U.S.A., NA, VRDN (a) | 800,000 | 800,000 | |
(Harvard Univ. Proj.): | |||
Series R, 0.32% 8/1/17, VRDN (a) | 1,200,000 | 1,200,000 | |
Series Y, 0.8% 8/7/17, VRDN (a) | 3,290,000 | 3,290,000 | |
(Henry Heywood Memorial Hosp. Proj.): | |||
Series 2008 C, 0.75% 8/1/17, LOC TD Banknorth, NA, VRDN (a) | 1,000,000 | 1,000,000 | |
Series 2009 C, 0.75% 8/1/17, LOC TD Banknorth, NA, VRDN (a) | 4,590,000 | 4,590,000 | |
(Massachusetts Institute of Technology Proj.): | |||
Series 2001 J1, 0.78% 8/7/17, VRDN (a) | 25,500,000 | 25,500,000 | |
Series 2001 J2, 0.8% 8/7/17, VRDN (a) | 13,025,000 | 13,025,000 | |
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.88% 8/7/17, LOC JPMorgan Chase Bank, VRDN (a) | 8,735,000 | 8,735,000 | |
(Williams College Proj.): | |||
Series I, 0.8% 8/7/17, VRDN (a) | 9,586,000 | 9,586,000 | |
Series J, 0.77% 8/7/17, VRDN (a) | 24,821,000 | 24,821,000 | |
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2009 A, 0.84% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 1,990,000 | 1,990,000 | |
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev. 0.78% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 2,900,000 | 2,900,000 | |
Massachusetts Indl. Fin. Agcy. Rev.: | |||
(Governor Dummer Academy Proj.) Series 1996, 0.83% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 700,000 | 700,000 | |
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.82% 8/7/17, LOC TD Banknorth, NA, VRDN (a) | 2,360,000 | 2,360,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Series 1999 B, 0.8% 8/7/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 10,200,000 | 10,200,000 | |
Series 2002 C, 0.72% 8/1/17, LOC Landesbank Hessen-Thuringen, VRDN (a) | 4,220,000 | 4,220,000 | |
Series 2008 C2, 0.81% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 9,815,000 | 9,815,000 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.83% 8/7/17 (Liquidity Facility Barclays Bank PLC), VRDN (a) | 41,635,000 | 41,635,000 | |
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Tammy Brook Apts. Proj.) Series 2009, 0.87% 8/7/17, LOC Freddie Mac, VRDN (a) | 3,435,000 | 3,435,000 | |
491,347,000 | |||
Nevada - 0.3% | |||
Clark County Indl. Dev. Rev. (Southwest Gas Corp. Proj.) Series 2009 A, 0.84% 8/7/17, LOC Bank of America NA, VRDN (a) | 2,900,000 | 2,900,000 | |
New York - 0.2% | |||
FNMA New York City Hsg. Dev. Corp. Multi-family Rental Hsg. Rev. (Two Gold Street Proj.) Series 2006 A, 0.82% 8/7/17, LOC Fannie Mae, VRDN (a) | 1,700,000 | 1,700,000 | |
Wyoming - 0.0% | |||
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.9% 8/7/17, VRDN (a) | 200,000 | 200,000 | |
TOTAL VARIABLE RATE DEMAND NOTE | |||
(Cost $508,447,000) | 508,447,000 | ||
Tender Option Bond - 15.7% | |||
California - 0.1% | |||
Dignity Health Participating VRDN Series 17 04, 0.9% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 600,000 | 600,000 | |
Colorado - 0.0% | |||
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters XF 22 41, 1.02% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 200,000 | 200,000 | |
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XF 10 36, 0.91% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 100,000 | 100,000 | |
300,000 | |||
Illinois - 0.1% | |||
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 0.92% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 700,000 | 700,000 | |
Massachusetts - 15.4% | |||
Billerica Gen. Oblig. Bonds Series Solar 17 0027, 0.98%, tender 8/10/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 900,000 | 900,000 | |
JPMorgan Chase Participating VRDN Series Putters 16 5005, 0.8% 8/1/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 25,000,000 | 25,000,000 | |
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series 2016 20, 0.87%, tender 8/3/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 3,190,000 | 3,190,000 | |
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 400,000 | 400,000 | |
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN: | |||
Series 15 XF0245, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 400,000 | 400,000 | |
Series 2016 XF2207, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 2,000,000 | 2,000,000 | |
Series 2016 XM0137, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,650,000 | 1,650,000 | |
Series MS 3373, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 900,000 | 900,000 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series Clipper 09 37, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c) | 12,000,000 | 12,000,000 | |
Series Clipper 09 67, 0.87%, tender 8/3/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b) | 20,700,000 | 20,700,000 | |
Series Clipper 09 69, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c) | 6,100,000 | 6,100,000 | |
Participating VRDN: | |||
Series 16 XF0374, 0.87% 8/7/17 (Liquidity Facility Bank of America NA) (a)(b) | 1,000,000 | 1,000,000 | |
Series 16 XM 03 35, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 800,000 | 800,000 | |
Series 16 XM0221, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 4,800,000 | 4,800,000 | |
Series Floaters 16 ZF2364, 0.85% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 935,000 | 935,000 | |
Series Floaters XF 05 30, 0.86% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 500,000 | 500,000 | |
Series Floaters XG 01 42, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 1,015,000 | 1,015,000 | |
Series Floaters XM 03 72, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 3,500,000 | 3,500,000 | |
Massachusetts Health & Edl. Facilities Auth. Participating VRDN Series XL 00 17, 0.89% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 2,550,000 | 2,550,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN: | |||
Series 16 XG0014, 0.85% 8/7/17 (Liquidity Facility Bank of America NA) (a)(b) | 5,550,000 | 5,550,000 | |
Series 16 XM0217, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 10,700,000 | 10,700,000 | |
Series Floaters XF 00 47, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,500,000 | 1,500,000 | |
Massachusetts School Bldg. Auth. Participating VRDN Series Floaters XM 03 89, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 600,000 | 600,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Bonds Series Solar 17 13, 0.87%, tender 8/3/17 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b) | 700,000 | 700,000 | |
Participating VRDN: | |||
Series 15 XF2203, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 3,000,000 | 3,000,000 | |
Series 16 XM0239, 0.84% 8/7/17 (Liquidity Facility JPMorgan Chase Bank) (a)(b) | 1,800,000 | 1,800,000 | |
Series 16 ZM0173, 0.85% 8/7/17 (Liquidity Facility Royal Bank of Canada) (a)(b) | 1,000,000 | 1,000,000 | |
Series EGL 15 0004, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 5,900,000 | 5,900,000 | |
Series EGL 15 001, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 5,900,000 | 5,900,000 | |
Series EGL 15 002, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 6,600,000 | 6,600,000 | |
Series EGL 15 003, 0.85% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 6,000,000 | 6,000,000 | |
Series Floaters XX 10 08, 0.84% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 1,000,000 | 1,000,000 | |
Series Floaters YX 10 29, 0.84% 8/7/17 (Liquidity Facility Barclays Bank PLC) (a)(b) | 800,000 | 800,000 | |
Series MS 30911, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,335,000 | 1,335,000 | |
Series ROC II R 14021, 0.84% 8/7/17 (Liquidity Facility Citibank NA) (a)(b) | 1,500,000 | 1,500,000 | |
Massachusetts St. Wtr. Resources Auth. Bonds Series 2016 E74, 1%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) | 4,425,000 | 4,425,000 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN Series XL 0042, 0.85% 8/7/17 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) | 1,000,000 | 1,000,000 | |
147,650,000 | |||
Nebraska - 0.0% | |||
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 0.91% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 200,000 | 200,000 | |
New Jersey - 0.0% | |||
New Jersey St. Trans. Trust Fund Auth. Participating VRDN Series Floaters 16 XF1059, 1.01% 8/7/17 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) | 200,000 | 200,000 | |
Ohio - 0.0% | |||
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1% 9/11/17 (Liquidity Facility Barclays Bank PLC) (a)(b)(d) | 400,000 | 400,000 | |
South Carolina - 0.1% | |||
South Carolina St. Pub. Svc. Auth. Rev. Participating VRDN Series XG 0046, 0.97% 8/7/17 (Liquidity Facility Toronto-Dominion Bank) (a)(b) | 580,000 | 580,000 | |
TOTAL TENDER OPTION BOND | |||
(Cost $150,630,000) | 150,630,000 | ||
Other Municipal Security - 16.3% | |||
Georgia - 0.4% | |||
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds: | |||
Series 2010 A1, 0.92%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a) | 1,885,000 | 1,885,000 | |
Series 2010 A2, 0.92%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) (a) | 1,600,000 | 1,600,000 | |
3,485,000 | |||
Kentucky - 0.1% | |||
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 0.99% tender 8/2/17, CP mode | 700,000 | 700,000 | |
Massachusetts - 15.8% | |||
Danvers Gen. Oblig. BAN 1.5% 8/18/17 | 1,260,000 | 1,260,307 | |
Gloucester Gen. Oblig. BAN Series 2017, 2% 2/2/18 | 1,500,000 | 1,507,296 | |
Massachusetts Dev. Fin. Agcy. Series 5, 0.95% 10/2/17, LOC TD Banknorth, NA, CP | 1,200,000 | 1,200,000 | |
Massachusetts Dev. Fin. Agcy. Rev. Bonds Series 2011 K5, 5%, tender 1/18/18 (a) | 855,000 | 870,215 | |
Massachusetts Gen. Oblig. Bonds: | |||
Series 2007 C: | |||
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 6,000,000 | 6,000,000 | |
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 9,500,000 | 9,500,000 | |
5% 8/1/17 (Pre-Refunded to 8/1/17 @ 100) | 200,000 | 200,000 | |
Series 2012 D, 1.25% 1/1/18 (a) | 2,775,000 | 2,775,000 | |
Series B, 1.3% 2/1/18 (a)(d) | 7,100,000 | 7,100,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds: | |||
(Berklee College Proj.) 5% 10/1/17 (Pre-Refunded to 10/1/17 @ 100) | 3,150,000 | 3,171,251 | |
Series 08H1, 0.88% tender 8/4/17, CP mode | 3,500,000 | 3,500,000 | |
Series 08H2, 0.95% tender 9/6/17, CP mode | 4,485,000 | 4,485,000 | |
Series H1: | |||
0.88% tender 8/3/17, CP mode | 2,700,000 | 2,700,000 | |
0.93% tender 9/7/17, CP mode | 4,000,000 | 4,000,000 | |
Series H2: | |||
0.87% tender 8/2/17, CP mode | 3,035,000 | 3,035,000 | |
0.9% tender 9/8/17, CP mode | 4,300,000 | 4,300,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 92, 1% tender 8/24/17, CP mode | 1,000,000 | 1,000,000 | |
Series 93 B, 1.01% tender 8/22/17, CP mode | 8,400,000 | 8,400,000 | |
Massachusetts Port Auth. Rev. Series 12A, 0.89% 8/3/17, LOC TD Banknorth, NA, CP | 2,000,000 | 2,000,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Bonds Series 2007 A, 5% 8/15/17 (Pre-Refunded to 8/15/17 @ 100) | 1,500,000 | 1,502,361 | |
Series B: | |||
0.9% 8/7/17, LOC Citibank NA, CP | 7,800,000 | 7,800,000 | |
0.91% 8/21/17, LOC Citibank NA, CP | 4,600,000 | 4,600,000 | |
0.92% 9/12/17, LOC Citibank NA, CP | 4,600,000 | 4,600,000 | |
0.95% 10/10/17, LOC Citibank NA, CP | 7,100,000 | 7,100,000 | |
0.95% 10/11/17, LOC Citibank NA, CP | 7,600,000 | 7,600,000 | |
Series C: | |||
0.92% 8/1/17, LOC Barclays Bank PLC, CP | 7,960,000 | 7,960,000 | |
0.92% 8/2/17, LOC Barclays Bank PLC, CP | 4,900,000 | 4,900,000 | |
0.92% 8/3/17, LOC Barclays Bank PLC, CP | 3,900,000 | 3,900,000 | |
0.92% 8/4/17, LOC Barclays Bank PLC, CP | 2,200,000 | 2,200,000 | |
0.95% 9/5/17, LOC Barclays Bank PLC, CP | 9,200,000 | 9,200,000 | |
0.95% 9/6/17, LOC Barclays Bank PLC, CP | 7,400,000 | 7,400,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 16, 0.9% 8/8/17, LOC TD Banknorth, NA, CP | 3,500,000 | 3,500,000 | |
Orleans Gen. Oblig. Anticipation Notes BAN Series 2017, 2% 2/9/18 | 2,679,840 | 2,693,509 | |
Salisbury Gen. Oblig. BAN Series 2016, 2% 9/15/17 | 3,289,200 | 3,293,771 | |
Tyngsborough Gen. Oblig. BAN Series 2017, 1.25% 10/20/17 | 900,000 | 900,485 | |
Wakefield Gen. Oblig. BAN Series 2017, 1.75% 10/5/17 | 1,000,000 | 1,001,230 | |
West Boylston Gen. Oblig. Anticipation Notes BAN Series 2016, 2% 11/17/17 | 1,000,000 | 1,003,225 | |
Westfield Gen. Oblig. BAN 2% 10/31/17 | 2,300,000 | 2,305,213 | |
Woburn Gen. Oblig. BAN Series 2017, 1.85% 9/29/17 | 1,510,000 | 1,512,076 | |
151,975,939 | |||
TOTAL OTHER MUNICIPAL SECURITY | |||
(Cost $156,160,939) | 156,160,939 | ||
Shares | Value | ||
Investment Company - 14.8% | |||
Fidelity Tax-Free Cash Central Fund, 0.81% (e)(f) | |||
(Cost $142,216,222) | 142,213,462 | 142,216,222 | |
TOTAL INVESTMENT PORTFOLIO - 99.7% | |||
(Cost $957,454,161) | 957,454,161 | ||
NET OTHER ASSETS (LIABILITIES) - 0.3% | 2,725,026 | ||
NET ASSETS - 100% | $960,179,187 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
CP – COMMERCIAL PAPER
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.
Legend
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(b) Provides evidence of ownership in one or more underlying municipal bonds.
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $22,525,000 or 2.3% of net assets.
(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,500,000 or 0.8% of net assets.
(e) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund.
(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Cost |
Massachusetts Gen. Oblig. Bonds Series Clipper 09 37, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) | 2/15/07 - 4/5/07 | $12,000,000 |
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, 1.02%, tender 9/7/17 (Liquidity Facility State Street Bank & Trust Co., Boston) | 9/28/16 | $6,100,000 |
Massachusetts St. Wtr. Resources Auth. Bonds Series 2016 E74, 1%, tender 10/2/17 (Liquidity Facility Royal Bank of Canada) | 7/1/16 - 1/3/17 | $4,425,000 |
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Tax-Free Cash Central Fund | $514,990 |
Total | $514,990 |
Investment Valuation
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
July 31, 2017 (Unaudited) | ||
Assets | ||
Investment in securities, at value See accompanying schedule: Unaffiliated issuers (cost $815,237,939) | $815,237,939 | |
Fidelity Central Funds (cost $142,216,222) | 142,216,222 | |
Total Investments (cost $957,454,161) | $957,454,161 | |
Cash | 922,563 | |
Receivable for investments sold | 300,000 | |
Receivable for fund shares sold | 3,237,254 | |
Interest receivable | 1,451,309 | |
Distributions receivable from Fidelity Central Funds | 100,030 | |
Receivable from investment adviser for expense reductions | 28,083 | |
Other receivables | 53 | |
Total assets | 963,493,453 | |
Liabilities | ||
Payable for investments purchased | $1,048,110 | |
Payable for fund shares redeemed | 1,961,280 | |
Distributions payable | 100,624 | |
Accrued management fee | 156,072 | |
Distribution and service plan fees payable | 21 | |
Other affiliated payables | 48,159 | |
Total liabilities | 3,314,266 | |
Net Assets | $960,179,187 | |
Net Assets consist of: | ||
Paid in capital | $960,219,790 | |
Undistributed net investment income | 9,691 | |
Accumulated undistributed net realized gain (loss) on investments | (50,294) | |
Net Assets | $960,179,187 | |
Massachusetts AMT Tax-Free Money Market Fund: | ||
Net Asset Value, offering price and redemption price per share ($220,261,941 ÷ 220,045,195 shares) | $1.00 | |
Institutional Class: | ||
Net Asset Value, offering price and redemption price per share ($739,816,724 ÷ 739,381,760 shares) | $1.00 | |
Service Class: | ||
Net Asset Value, offering price and redemption price per share ($100,522 ÷ 100,461 shares) | $1.00 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended July 31, 2017 (Unaudited) | ||
Investment Income | ||
Interest | $2,994,858 | |
Income from Fidelity Central Funds | 514,990 | |
Total income | 3,509,848 | |
Expenses | ||
Management fee | $869,508 | |
Transfer agent fees | 269,761 | |
Distribution and service plan fees | 126 | |
Independent trustees' fees and expenses | 1,574 | |
Total expenses before reductions | 1,140,969 | |
Expense reductions | (171,110) | 969,859 |
Net investment income (loss) | 2,539,989 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | (61,229) | |
Fidelity Central Funds | 535 | |
Total net realized gain (loss) | (60,694) | |
Net increase in net assets resulting from operations | $2,479,295 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended July 31, 2017 (Unaudited) | Year ended January 31, 2017 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,539,989 | $1,793,726 |
Net realized gain (loss) | (60,694) | 41,999 |
Net increase in net assets resulting from operations | 2,479,295 | 1,835,725 |
Distributions to shareholders from net investment income | (2,530,298) | (1,789,876) |
Distributions to shareholders from net realized gain | (41,132) | |
Total distributions | (2,571,430) | (1,789,876) |
Share transactions - net increase (decrease) | 170,860,073 | 156,139,724 |
Total increase (decrease) in net assets | 170,767,938 | 156,185,573 |
Net Assets | ||
Beginning of period | 789,411,249 | 633,225,676 |
End of period | $960,179,187 | $789,411,249 |
Other Information | ||
Undistributed net investment income end of period | $9,691 | $ |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights Fidelity Massachusetts AMT Tax-Free Money Market Fund
Six months ended (Unaudited) July 31, | Years ended January 31, | |||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected PerShare Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .003 | .002 | A | A | A | A |
Net realized and unrealized gain (loss) | A | A | .001 | A | A | A |
Total from investment operations | .003 | .002 | .001 | A | A | A |
Distributions from net investment income | (.003) | (.002) | A | A | A | A |
Distributions from net realized gain | A | | (.001) | A | A | A |
Total distributions | (.003) | (.002) | (.001) | A | A | A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .26% | .22% | .11% | .04% | .02% | .02% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .30%F | .30% | .30% | .30% | .30% | .30% |
Expenses net of fee waivers, if any | .30%F | .26% | .05% | .07% | .10% | .17% |
Expenses net of all reductions | .30%F | .26% | .05% | .06% | .10% | .17% |
Net investment income (loss) | .51%F | .23% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $220,262 | $200,828 | $200,616 | $235,903 | $250,871 | $272,374 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights Fidelity Massachusetts AMT Tax-Free Money Market Fund Institutional Class
Six months ended (Unaudited) July 31, | Years ended January 31, | |||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected PerShare Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .003 | .003 | A | A | A | A |
Net realized and unrealized gain (loss) | A | A | .001 | A | A | A |
Total from investment operations | .003 | .003 | .001 | A | A | A |
Distributions from net investment income | (.003) | (.003) | A | A | A | A |
Distributions from net realized gain | A | | (.001) | A | A | A |
Total distributions | (.003) | (.003) | (.001) | A | A | A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .31% | .30% | .11% | .04% | .02% | .02% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .25%F | .25% | .25% | .25% | .25% | .25% |
Expenses net of fee waivers, if any | .20%F | .18% | .05% | .07% | .10% | .17% |
Expenses net of all reductions | .20%F | .18% | .05% | .06% | .10% | .17% |
Net investment income (loss) | .61%F | .31% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $739,817 | $588,483 | $432,509 | $484,222 | $566,873 | $660,561 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Financial Highlights Fidelity Massachusetts AMT Tax-Free Money Market Fund Service Class
Six months ended (Unaudited) July 31, | Years ended January 31, | |||||
2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |
Selected PerShare Data | ||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Income from Investment Operations | ||||||
Net investment income (loss) | .002 | .001 | A | A | A | A |
Net realized and unrealized gain (loss) | A | A | .001 | A | A | A |
Total from investment operations | .002 | .001 | .001 | A | A | A |
Distributions from net investment income | (.002) | (.001) | A | A | A | A |
Distributions from net realized gain | A | | (.001) | A | A | A |
Total distributions | (.002) | (.001) | (.001) | A | A | A |
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
Total ReturnB,C | .18% | .11% | .11% | .04% | .02% | .02% |
Ratios to Average Net AssetsD,E | ||||||
Expenses before reductions | .50%F | .50% | .50% | .50% | .50% | .50% |
Expenses net of fee waivers, if any | .45%F | .37% | .05% | .06% | .10% | .18% |
Expenses net of all reductions | .45%F | .37% | .05% | .06% | .10% | .18% |
Net investment income (loss) | .36%F | .12% | .01% | .01% | .01% | .01% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $101 | $100 | $100 | $100 | $146 | $94 |
A Amount represents less than $.0005 per share.
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Annualized
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended July 31, 2017
1. Organization.
Fidelity Massachusetts AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity Massachusetts Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Massachusetts AMT Tax-Free Money Market Fund, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders. The Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Investment Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
Gross unrealized appreciation | $ |
Gross unrealized depreciation | |
Net unrealized appreciation (depreciation) on securities | $ |
Tax cost | $957,454,161 |
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
In addition, under the expense contract, the investment adviser pays class-level expenses for Massachusetts AMT Tax-Free Money Market Fund so that the total expenses do not exceed .35% expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
Service Fee | Total Fees | Retained by FDC |
|
Service Class | .25% | $126 | $126 |
Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class, with the exception of Massachusetts AMT Tax-Free Money Market Fund, pays a transfer agent fee equal to an annual rate of .05% of class-level average net assets. Massachusetts AMT Tax-Free Money Market Fund pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets. For the period, transfer agent fees for each class were as follows:
Amount | |
Massachusetts AMT Tax-Free Money Market Fund | $104,019 |
Institutional Class | 165,717 |
Service Class | 25 |
$269,761 |
Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.
5. Expense Reductions.
The investment adviser contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $171,016 and $28, respectively.
In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $66.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Six months ended July 31, 2017 | Year ended January 31, 2017 | |
From net investment income | ||
Massachusetts AMT Tax-Free Money Market Fund | $521,723 | $425,246 |
Institutional Class | 2,008,397 | 1,364,519 |
Service Class | 178 | 111 |
Total | $2,530,298 | $1,789,876 |
From net realized gain | ||
Massachusetts AMT Tax-Free Money Market Fund | $10,186 | $ |
Institutional Class | 30,941 | |
Service Class | 5 | |
Total | $41,132 | $ |
7. Share Transactions.
Share transactions for each class of shares at a $1.00 per share were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:
Six months ended July 31, 2017 | Year ended January 31, 2017 | |
Massachusetts AMT Tax-Free Money Market Fund | ||
Shares sold | 65,025,864 | 94,094,659 |
Reinvestment of distributions | 479,497 | 395,310 |
Shares redeemed | (46,039,739) | (94,252,433) |
Net increase (decrease) | 19,465,622 | 237,536 |
Institutional Class | ||
Shares sold | 313,182,805 | 349,526,471 |
Reinvestment of distributions | 1,592,881 | 1,118,113 |
Shares redeemed | (163,381,418) | (194,742,507) |
Net increase (decrease) | 151,394,268 | 155,902,077 |
Service Class | ||
Reinvestment of distributions | 183 | 111 |
Net increase (decrease) | 183 | 111 |
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2017 to July 31, 2017).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annualized Expense Ratio-A | Beginning Account Value February 1, 2017 | Ending Account Value July 31, 2017 | Expenses Paid During Period-B February 1, 2017 to July 31, 2017 |
|
Massachusetts AMT Tax-Free Money Market Fund | .30% | |||
Actual | $1,000.00 | $1,002.60 | $1.49 | |
Hypothetical-C | $1,000.00 | $1,023.31 | $1.51 | |
Institutional Class | .20% | |||
Actual | $1,000.00 | $1,003.10 | $.99 | |
Hypothetical-C | $1,000.00 | $1,023.80 | $1.00 | |
Service Class | .45% | |||
Actual | $1,000.00 | $1,001.80 | $2.23 | |
Hypothetical-C | $1,000.00 | $1,022.56 | $2.26 |
A Annualized expense ratio reflects expenses net of applicable fee waivers.
B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
C 5% return per year before expenses
Corporate Headquarters
245 Summer St.
Boston, MA 02210
www.fidelity.com
SMA-SANN-0917
1.854004.110
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
Item 5.
Audit Committee of Listed Registrants
Not applicable.
Item 6.
Investments
(a)
Not applicable.
(b)
Not applicable
Item 7.
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8.
Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9.
Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10.
Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Massachusetts Municipal Trust’s Board of Trustees.
Item 11.
Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trust’s (the “Trust”) disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Massachusetts Municipal Trust
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | September 25, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/Stephanie J. Dorsey |
Stephanie J. Dorsey | |
President and Treasurer | |
Date: | September 25, 2017 |
By: | /s/Howard J. Galligan III |
Howard J. Galligan III | |
Chief Financial Officer | |
Date: | September 25, 2017 |
Exhibit EX-99.CERT
I, Stephanie J. Dorsey, certify that:
1.
I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
September 25, 2017
/s/Stephanie J. Dorsey |
Stephanie J. Dorsey |
President and Treasurer |
I, Howard J. Galligan III, certify that:
1.
I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date:
September 25, 2017
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Massachusetts Municipal Trust (the “Trust”) on Form N-CSR to be filed with the Securities and Exchange Commission (the “Report”), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer’s knowledge:
1.
The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated:
September 25, 2017
/s/Stephanie J. Dorsey |
Stephanie J. Dorsey |
President and Treasurer |
Dated:
September 25, 2017
/s/Howard J. Galligan III |
Howard J. Galligan III |
Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
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